Oil Falls as Focus Shifts From Red Sea Threats to US Supply Jump.

YEMEN (Republic); IRAN

Oil prices fell after three days of gains due to concerns over surging US production. Global benchmark Brent futures dropped to around $79 a barrel, while West Texas Intermediate was below $74. US crude output reached a new record high of 13.3 million barrels a day, according to government data. Despite recent tensions in the Red Sea and OPEC's decision to extend supply curbs, investors remain skeptical that the market will tighten next quarter. The US is considering military action against the Iran-backed Houthi group in Yemen, but prefers a diplomatic solution and is working with allies to enhance maritime protection. [Extracted from the article]

Copyright of Bloomberg.com is the property of Bloomberg, L.P. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)