WASHINGTON (dpa-AFX) - Crude oil futures settled notably lower on Monday amid signs that nuclear talks between the U.S. and Iran are moving in a positive way, and there could be a removal of U.S. sanctions on Iranian oil sales.
West Texas Intermediate Crude oil futures for March ended lower by $0.99 or about 1.1% at $91.32 a barrel.
Brent crude futures drifted down $0.58 or about 0.6% to $92.69 a barrel.
Worries about crude supply have faded a bit following the Biden Administration restoring sanctions waivers to Iran to allow international nuclear cooperation projects.
Following a short break, indirect talks in Vienna between Iran and the United States on reviving the 2015 Iran nuclear deal will resume on Tuesday, the European Union, which is coordinating the talks, said today in a statement.
Separately, Iranian foreign ministry spokesperson Saeed Khatibzadeh told a weekly news conference that the issue of removal of sanctions and Iran benefiting from it is Iran's red line in the talks.
Meanwhile, the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, are struggling to meet targets despite pressure from top consumers to raise production.
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