Oil succumbs to pressure from Iran, OPEC report

Oil futures succumbed to pressure on Monday from expectations of higher global supplies tied to Iran, rising production from the Organization of the Petroleum Exporting Countries and a strong U.S. dollar — all of which fueled a 1% decline in U.S. crude prices.

On the New York Mercantile Exchange, August West Texas Intermediate crude CLQ5, -1.11% settled at $52.20 a barrel, down 54 cents, or 1%, after trading between a high of $53.17 and low of $51.26.

Brent crude for delivery in August LCOQ5, -0.71% fell 88 cents, or 1.5%, to $57.85 a barrel on London’s ICE Futures exchange.

Oil was “getting whipsawed on the potential fallout from an Iranian deal,” said Phil Flynn, senior analyst at Price Futures Group.

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