Oil inched lower on the possibility of a nuclear deal with Iran

International benchmarks for crude oil settled slightly lower on Monday, 22 August 2022 following reports that leaders from the US, Britain, France, and Germany discussed the effort to revive the 2015 Iran nuclear accord that would allow Iranian oil to return to the market. However, the declines were capped as OPEC+ warned of a possible production cut.

Brent inched 24 cents lower to close at $96.48/barrel. 

WTI for September delivery, which expired on Monday, loses 54 cents to close at $90.23/barrel.