Oil Plunged 40 Cents Over EU’s Decision to Delay the Iranian Oil Embargo

Bloomberg reported that oil plunged after EU’s decision to delay the embargo on Iranian crude imports for six months.

As quoted in the market news:

Crude oil for February delivery fell 40 cents to $98.70 a barrel on the New York Mercantile Exchange, the lowest settlement since Dec. 21. Oil dropped 2.8 percent this week and is up 8 percent from a year earlier.

Click here to read the full Bloomberg report.