U.S. oil futures settle lower on reported progress toward an Iran nuclear deal

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Oil futures ended with a loss on Monday, with U.S. benchmark prices pulling back after ending last week at their highest since September 2014. Momentum in oil prices has been stabilizing on signs that nuclear talks between the U.S.-Iran appear to be “making positive noise,” said Pat Thaker, editorial director, Middle East & Africa at Economist Intelligence Unit. President Joe Biden’s decision to restore some sanction waivers and the inability of OPEC+ to hit output targets “could ease the market tightness, and prevent oil prices from hitting $100/barrel,” she said. West Texas Intermediate crude for March delivery CLH22, -0.57% fell 99 cents, or 1.1%, to settle at $91.32 a barrel on the New York Mercantile Exchange.

This article was originally published by Marketwatch.com. Read the original article here.

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