Oil Falls as Risk-Off Sentiment Outweighs Offline US Crude Field
- WTI settles less than 1% lower amid North Dakota freeze
- US merchant vessel struck as shippers advised to avoid Red Sea
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Oil edged lower after a choppy session as broader risk-off sentiment dampened reduced crude production in North Dakota and Red Sea risks.
West Texas Intermediate futures fell 0.4% to settle near $72 a barrel, with a stronger dollar making the commodity more expensive for overseas buyers. Earlier in the session, prices rose as output at the second-largest US shale basin was cut by as much as 650,000 barrels a day and Houthi rebels ramped up their attacks. Still, prices remain in rangebound trading, swinging almost $2 on Tuesday, as traders assessed fundamentals. Brent futures settled slightly higher.