Oil Prices Tumble Toward Second Consecutive Weekly Loss

Crude oil prices began trade with a decline today, set for the second consecutive weekly loss as fears of a U.S.-Iran escalation faded. At the time of writing, Brent crude was trading at $67.36 per barrel, with West Texas Intermediate at $62.66 per barrel, both essentially unchanged on Monday but down from higher levels seen earlier in the week. “Signs the U.S. is seeking more time to reach a nuclear deal with Iran, reducing the near-term geopolitical risk premium,” have pressured prices, according to IG analyst Tony Sycamore, as quoted…