Crude oil futures ended lower on Monday as signs of a progress in the US-Iran nuclear talks that could lead to removal of US sanctions on Iranian oil sales offset concerns about the tight supplies. US President Joe Biden’s administration restored sanctions waivers to Iran to allow international nuclear cooperation projects, as the talks on the 2015 international nuclear deal enter the final stretch. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together known as OPEC+, are struggling to meet targets despite pressure from top consumers to raise production more quickly.
Benchmark crude oil futures for March delivery fell $0.99 or about 1.1 percent to settle at $91.32 a barrel on the New York Mercantile Exchange. Brent crude for April delivery lost $0.58 or 0.6 percent to settle at $92.69 a barrel on London's Intercontinental Exchange.