Ceasefire Talks Trigger Massive Selloff in Crude Futures

July WTI crude oil suffered its largest weekly decline in months as traders aggressively removed geopolitical risk premium from the market on growing hopes that diplomacy between Washington and Tehran could eventually succeed. Through Thursday, May 28, July WTI crude oil traded between a high of $94.70 and a low of $87.11 before settling at $88.60, down $8.40, or 8.66%, for the week. The selloff was notable because it occurred while many of the bullish supply factors that drove crude sharply higher earlier this year remained in place. Traffic through…