Oil Slips as Risk-Off Mood Overshadows US-Iran Talks Uncertainty
Storage tanks at the Port of Richmond in Richmond, California.
Photographer: David Paul Morris/BloombergOil slid as risk-averse sentiment pervaded global markets and investors digested fresh developments in US-Iran tensions that continue to cloud the supply outlook.
West Texas Intermediate fell 2.8% to end the day below $63 a barrel, as equities weakened amid concerns over technology profits. US President Donald Trump said negotiations with Iran over its nuclear program could stretch for as long as a month, but it would be “very traumatic” for Tehran if it failed to reach an agreement. Traders remain concerned about the potential for military strikes and risks to supply from the Middle East.