WTI Crude Slides Below $82.60 on US-Iran Diplomacy Hopes
WTI crude oil extends losses for a second session to trade near $82.60 per barrel as renewed hopes for a US-Iran diplomatic breakthrough ease supply concerns.
West Texas Intermediate crude oil is trading lower for a second straight session, hovering around $82.60 per barrel in Asian trading on Friday. The decline comes as renewed optimism over US-Iran talks diminishes the geopolitical risk premium that had supported prices.
Hopes for a diplomatic resolution have rekindled, suggesting a potential easing of tensions that might otherwise threaten crude supply. This shift in sentiment has weighed on oil, extending the week's losses.
The price action marks a pullback from recent highs, with traders monitoring further developments in the negotiations for near-term direction.
Source: FXStreet Forex News