Negative Sentiment Drives Oil Lower

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures prices were hit on all fronts this week with the markets in a position to finish the week sharply lower. Especially significant is the evaporation of the risk premium in crude oil prices placed by traders last week following the attacks on Saudi Arabian oil facilities. A combination of bearish supply and demand news helped fill in the price gap left by the strong jump in prices last week, which indicates dampened concerns over an escalation of tensions in the Middle…