Global oil prices fell in European trade on Wednesday away from a four-week high on active profit-taking. 

Now traders are following developments in the Red Sea as major shipping companies are resuming shipping operations through the Suez Canal. 

Traders also await initial data on US crude stocks last week, expected to show another buildup. 

Global Oil Prices

US crude fell 1.5% to $75.33 a barrel, while Brent fell 1.25% to $79.62 a barrel, with a session-high at $80.98. 

US cruder rose 2.6% on Tuesday, hitting a four-week high at $76.14 a barrel, while Brent rose 2.25% to $81.41 a barrel, marking December highs.

Red Sea Tensions 

Despite attacks by the Houthis Group, major shipping companies such as Mersk and CGM have resumed operations through the Red Sea as international nations combine forces to combat attacks. 

US Stocks 

Later today, the American Petroleum Institute will report on initial crude stocks later today, expected to show another buildup.