Oil Prices Fall On Onslaught Of Bearish News

Oil prices fell sharply on Friday on easing tensions in the Middle East after a rather surprising turn of events. Saudi Arabia is implementing a partial cease-fire in Yemen, rumors surfaced 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 the Wall Street Journal, Riyadh has moved to impose a partial cease-fire in Yemen. The move comes a week after Houthi forces declared a unilateral cease-fire. If the partial (and perhaps temporary) laying…