• Oil declined after three days of gains as data showing record-high US production outweighed threats by Houthi rebels in Yemen to continue targeting ships in one of the world’s most important waterways.
• West Texas Intermediate fell as much as 1% in early Asian trading to below $74 a barrel, after shifting lower at the end of Wednesday’s session as government data showed US crude output hit a new high of 13.3 million barrels a day last week.
• Crude has rallied this week as the escalation of the Red Sea attacks prompted shippers to divert vessels away from the major energy chokepoint. It is still set for its first annual decline since 2020, with investors unconvinced that OPEC+ will be able to tighten the market next quarter, given production increases by the US, Guyana and Brazil.