🚨 HEADLINE : 🇺🇸U.S. OIL
Oil slides as Trump signals Iran de-escalation; Brent and WTI sink more than 4%:
Oil prices fell on Thursday after President Donald Trump’s remarks that executions in Iran have stopped eased geopolitical tensions and reduced concerns over supply disruptions.
Brent futures (CO1:COM) were down 4.4% to $63.57, while U.S. West Texas Intermediate crude (CL1:COM) slipped 4.7% to $59.25/bbl at press time.
Trump flipped the oil market mood by saying he had received assurances that killings of demonstrators in Iran had stopped, Reuters reports adding that prices on Thursday reflect the narrative of a near-term future of oversupply.
Also on the supply side, Venezuela has started reversing oil production cuts made under a U.S. embargo as CRUDE EXPORTS also allegedly resume.