• West Texas Intermediate held below $74 a barrel after climbing 2.2% over three sessions, while Brent crude closed above $79.
• A rally in global stocks is helping to support appetite for risk assets, including crude, even as the Federal Reserve plays down the chance of imminent interest-rate cuts. In the Middle East, Iranian-backed Houthi militants have continued to fire missiles at vessels of the coast of Yemen, forcing many tankers to make lengthy and costly diversions.
• Oil has been confined to a relatively narrow range since the start of the year. Prices have been supported by the tensions in the Middle East, as well as supply cuts implemented by the OPEC+ group of producers including Saudi Arabia and Russia. That’s been offset, however, by booming production and record exports from the US, as well as slowing global demand growth.