Oil down $1 as investors watch Red Sea developments – Markets

LONDON: Oil prices fell by $1 a barrel on Wednesday, eating into the previous day’s gains as investors monitored developments in the Red Sea, where shippers are returning despite fresh attacks on Tuesday.

Brent crude futures were down 94 cents, or 1.16%, at $80.13 a barrel by 1323 GMT. U.S. West Texas Intermediate crude lost $1.05, or 1.39%, to $74.52.

Prices could be down on the day on…