Oil Prices Slide as Diplomacy Drains the Risk Premium

WTI crude oil futures are wrapping up a volatile week with the market trading at $62.99, down $2.22 or -3.40%. With one day left before the week ends, the primary driver of the choppy trade has been the reduction of the risk premium after reports on Thursday said the United States and Iran were talking. Monday's Plunge Sets the Tone The week started with a sharp selloff on Monday after President Trump said over the weekend that Washington and Tehran were in discussions. The news caught the market off guard and triggered immediate profit-taking…