Oil Plunges as EU Delays Sanction

Gains in oil prices were, however, reversed by the EU's delay of an embargo on Iran. The front-month contract for WTI crude oil initially rose to as high as 102.98 before plummeting to a 2-week low of 98.5 and settling at 99.1, down -1.75%. The equivalent Brent crude contract initially soared to 115.12, the highest level since November 9 before diving to as low as 110.31 and ending the day at 111.26, down -1.06%.

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Oil Plunges as EU Delays Sanction