Crude Oil Pulls Back Sharply After Surging To Four-Year High
(RTTNews) - Crude oil prices have come under pressure over the course of the trading day on Thursday, giving back ground after surging overnight.
After spiking by as much as 3.8 percent to a four-year high of nearly $111 a barrel, crude for June delivery was last seen trading at $104.48 a barrel, down $2.40 or 2.3 percent.
The sharp pullback by the price of crude oil may reflect profit taking as it comes amid ongoing concerns about the Middle East conflict.
The U.S. and Iran remain at a stalemate in negotiations over ending the war, with President Donald Trump suggesting the blockade of Iranian ports will remain in place until the countries reach a nuclear deal.
Despite the downturn on the day, the price of crude oil has still skyrocketed by more than 30 percent since hitting a low below $80 a barrel ahead of the first round of negotiations between the U.S. and Iran earlier this month.
