Crude Oil Prices Slide

Crude Oil Prices Slide Crude Oil Prices Slide

Oil prices retreated from 3-1/2 year highs on Tuesday, as investors await an announcement by US President Donald Trump to extend the waiver of sanctions on Iran. US West Texas Intermediate crude futures dropped 78 cents, or 1.1%, to $69.95 a barrel. They settled above $70 for the first time since November 2014 on Monday, CNBC reported. Brent crude futures were down 67 cents, or 0.9%, at $75.50, having jumped 1.7% to settle at $76.17 a barrel in the previous session. The change of direction comes while in recent months, oil prices had risen to levels not seen in the past three to four years, reflecting a steady, albeit volatile, ascent to a fresh peak, after a global glut of crude sent energy markets into a tailspin in 2014.  Crude prices had risen on Friday, with Brent settling at $74.87 a barrel, as global supplies remained tight after Saudis hiked prices.

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