Oil prices settled down today trading down as more shipping companies say they are again ready to transit the Red Sea route. “The perception is that the Red Sea route is reopening and will bring supply to market weeks faster,” Price Futures Group analyst Phil Flynn said. The U.S. Energy Information Administration reported a much larger-than-expected draw in U.S. crude oil inventories last week, which limited price declines for awhile. Later, prices fell further, likely as traders focused on a bulk of the draw coming from the U.S. Gulf Coast region, where refiners are scrambling to clear inventories to avoid high taxes on storage at the end of the year, UBS analyst Giovanni Staunovo said. WTI traded down $2.34 or -3.2% to close at $71.77. Brent traded down $2.39 or -3% to close at $77.15.