Oil Prices Plummet After Traders Book Profits on Peace Talks Hopes

Crude oil futures prices dropped more than four percent on Friday, July 24, as traders booked profits following reports that China pushed to resume stalled peace talks between the United States and Iran. The single-day drop came despite both major benchmarks staying on track for hefty weekly gains.

Brent crude futures fell $4.41, or 4.38%, to trade at $96.28 a barrel at 11:01 a.m. CDT. West Texas Intermediate futures declined $3.61, or 3.92%, to $88.58 a barrel, with both contracts pacing toward a 7% weekly increase.

Phil Flynn, senior analyst with Price Futures Group, noted the volatile condition of global energy inventories. 'Overall stocks remain pretty tight - and that situation could turn on a dime, so it's worth keeping a close watch as things develop,' said Flynn.