Oil Prices Sink as Iran and Ukraine Peace Optimism Builds

Crude oil prices extended their decline today, with both Brent crude and WTI shedding over $1 in Asian trade earlier in the day on growing hopes for peace in Ukraine and Iran. At the time of writing, Brent crude was trading at $91.32 per barrel, and West Texas Intermediate was changing hands for $85.32 per barrel. Peace hopes for Russia and Ukraine came on the heels of the latest meeting of negotiators, even though that meeting did not end in anything resembling a future peace deal. Besides yet another prisoner exchange, the two sides remain committed…