Oil fell after a three-day advance as traders weigh surging US production against the ongoing threat of Houthi attacks on ships in the Red Sea.
Global benchmark Brent slipped 1.8% to trade below $79 a barrel, with sentiment worsening after Angola announced its exit from the Organization of Petroleum Exporting Countries. US crude output hit a record 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.