Oil Retreats as a Result of Confluence of Macroeconomic and Geopolitical Factors

Oil prices fluctuated Thursday, driven by confirmation of European sanctions on Iran, renewed concerns over sovereign debt crisis in the Eurozone and better-than-expected US economic data. The front-month contract for WTI crude oil faltered below Wednesday's close of 103.74 and dropped to as low as 101.3 before settling at 101.81, down -1.37%, while the equivalent Brent crude contract initially spiking higher to 114.64 before ending the day at 102.74, down -0.08%.

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Oil Retreats as a Result of Confluence of Macroeconomic and Geopolitical Factors