Oil prices fall amid Red Sea risks

Oil prices nudged down globally as the OPEC member Libya resumed output of its largest field Sharara, bolstering global supplies amid concerns about tensions in the Red Sea, according to Bloomberg on Monday.

The global benchmark Brent fell to reach $78 per barrel while West Texas Intermediate (WTI) was little changed above $73 per barrel.

Oil markets have factored in the impact of the Red Sea disruptions and the Israel-Hamas conflict, said founder of Singapore-based analysis firm Vanda Insights Vandana Hari.