Oil prices slide 4% on US-Iran de-escalation. Where are they headed in the near term?

Oil prices slid about 4% on Monday, February 2, after U.S. President Donald Trump said over the weekend that Iran was seriously talking” with Washington. The comments eased fears of an escalation involving the OPEC member, after earlier concerns over a possible military strike had pushed prices to multi-month highs.

Brent crude futures fell $2.81, or 4.1%, to $66.51 a barrel, while US West Texas Intermediate dropped $2.70, or 4.1%, to $62.51 a barrel.