Oil Prices Fall On Onslaught of Bearish News

Oil prices fell sharply on easing tensions in the Middle East after a rather surprising turn of events. Saudi Arabia is carrying out a partial cease-fire in Yemen, rumors emerged that the U.S. is considering easing sanctions on Iran, and Saudi Arabia is poised to restore disrupted production from the damaged Abqaiq facility.

According to Sources, the Saudi Arabian Government has moved to impose a partial cease-fire in Yemen. The move comes a week after Houthi forces declared a unilateral cease-fire.

In a nutshell, the potential de-escalation in the Middle East and the potential for the further upsurge of the trade war combined to drag down oil prices, which just closed out its worst week since July.