Oil Prices Slump After Trump Holds off on Iran Attack; UCO Down 7%; USO Down 6%; PSX, BP Down 3%; Devon, XOM, Chevron Down 2%

Tiger Newspress

08/03

Oil prices fell on Monday after U.S. President Donald Trump held off on ‌fresh attacks on Iran in hopes of a swift deal, slightly easing concerns over inflation and higher interest rates.

Energy stocks dropped in premarket trading. ProShares Ultra Bloomberg Crude Oil down 7%; United States Oil Fund LP down 6%; Phillips 66, BP PLC down 3%; Devon, Exxon Mobil, ConocoPhillips, Occidental, Chevron down 2%.

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