Oil Prices Slide After Triangle Breakdown, Iran Deal Hopes

Crude oil prices declined today, breaking out of a multi-week trading range. The move follows the completion of an abcde triangle pattern within wave B, a technical formation tracked by analysts over the past two to three weeks.

The breakdown comes as market sentiment is weighed by reports of potential progress in Iran nuclear deal negotiations. A successful deal could bring additional Iranian oil supply to global markets, adding to bearish pressure on prices.