Oil Slides as Treasury Dept Backs Off on Iranian Sanctions

Oil Traders Cautious

In addition to the easing of Iranian sanctions, oil traders are cautious due to a potential slowdown in the global economy. On Monday, the International Monetary Fund said that growth is slowing in the euro area, Japan and the United Kingdom.

Related: Trump May Tap Into Emergency Oil Supply

Furthermore, trade wars could put the global economy into deeper risk territory.

“Oil’s sell-off is a continuation of the downward move that began earlier this month when the market realized that the supply of crude is set to rise,” said Fawad Razaqzada, a technical analyst at Forex.com.

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