Oil prices settled lower on Monday on faint signs of progress in nuclear talks between the United States and Iran, which could lead to the removal of U.S. sanctions on Iranian oil sales.
Last week, crude prices rallied for the seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.
If U.S. sanctions are lifted, Iran could quickly export millions of barrels of crude and help to drive down red-hot oil prices.
Brent crude settled down 58 cents, or 0.6%, at $92.69. It session high of $94 was the highest since October 2014.
