Crude oil futures fall, tensions between the US and Iran easing.

Crude oil futures fell as US President Trump's belief that Iran is negotiating seriously eased tensions that supported oil prices last week. Nikos Tzabouras of Tradu wrote, "As tensions ease, the focus will shift back to unfavorable fundamentals, and the downtrend could expand," adding, "amidst resistance in the global economy," supply growth is outpacing demand. However, Tzabouras said further declines may be limited, "as supply risks may continue to exist." The movement of the US dollar may also put pressure on oil prices as the market digests the new leadership of the Federal Reserve. West Texas Intermediate crude oil fell 4.5% to $62.28 per barrel.