Is the price of oil finally coming down? After spending several weeks between roughly $105 and $110 a barrel, the price of crude (the WTIC variety) finally dropped below the usual range to around $103. Oil prices have been elevated ever since tensions began in Egypt and continued with possible US military intervention in Syria. However, so far, diplomatic solutions have trumped military action in Syria and elsewhere as global leaders attempt to sort out the various issues. In fact, today's slump in oil prices is mostly due to the potential meeting between Obama and Iran's president, Rouhani. Although it doesn't look like it will occur, just the notion of the first meeting between US and Iran leaders since 1979 was enough to impact the oil markets. Obama's Middle East policy should play a huge factor in oil prices moving forward.
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