Oil Prices Dip but Bullish Sentiment Remains

Crude oil prices dropped back slightly on Thursday, after jumping by 4% on Wednesday to hit the highest in two months on the news that the U.S. was pulling out its staff from the embassy in Baghdad. The drop was driven by profit-taking, but bullish sentiment remains. At the time of writing, Brent crude was trading at $68.95 per barrel, with West Texas Intermediate at $67.41 per barrel, after on Wednesday Iran’s defense minister threatened strikes on U.S. bases in the region in case the nuclear talks with Washington failed. “The market…