Oil Prices Slump As Iran Tensions Ease

U.S. West Texas Intermediate crude oil futures are in a position to finish sharply lower for the week after hitting a multi-month high just a few days ago. The selling pressure is being provided by speculators who continue to erase the risk premium in the market by dumping long positions placed as hedges against the escalation of the conflict between the United States and Iran. The market is not bearish, per se, despite the aggressive selling pressure. It continues to be underpinned by the hope that the new trade deal between the United States…