Oil price news: Oil steadies as red sea risks weighed against record U.S. output
BNN Bloomberg
Oil steadied after a three-day gain as traders weigh surging U.S. production against the ongoing threat of Houthi attacks on ships in a critical waterway.
Global benchmark Brent was little changed after reaching US$80 a barrel on Wednesday for the first time in more than two weeks. U.S. crude output hit a new record high of 13.3 million barrels a day last week, according to government data. Meanwhile, the Iran-backed militant group warned it would retaliate if the US carries out attacks on its bases in Yemen.
Crude rallied earlier this week as the escalation of the Red Sea attacks prompted shippers to divert vessels away from the major energy chokepoint. It's still set for the first annual decline since 2020, as booming production from the US, Guyana and Brazil offsets output cuts by Saudi Arabia and the OPEC+ cartel.
