Crude Oil (WTI) Extends Decline as War Premium Evaporates

West Texas Intermediate (WTI) crude oil continues to slide, having surrendered all of the gains built up during the initial months of the geopolitical conflict. In just three weeks, the commodity has erased what took three months of war-driven buying to achieve.

The current tape suggests the so-called war premium has been completely unwound. Price action implies that the market is now pricing in the pre-conflict baseline, as if the events that began in February never occurred.

Traders are watching for further downside momentum as demand concerns and a lack of fresh bullish catalysts weigh on the complex.