• Oil edged lower as traders weigh surging US production against disruption in the OPEC cartel and the threat of ship attacks in the Red Sea.
• West Texas Intermediate slipped to settle below $74 a barrel after a three-day advance, with sentiment worsening after Angola announced its exit from the Organization of Petroleum Exporting Countries.
• Angola’s departure will shrink OPEC’s membership to 12 nations. The government in Luanda had rejected a reduced output limit that leaders of the group had imposed on it in a reflection of the country’s dwindling production capacity. Traders continue to see signs that supply remains ample as US crude output hit a record of 13.3 million barrels a day last week, according to government data.