Oil futures post back-to-back session declines

Oil futures fell on Tuesday, with U.S. benchmark prices settling at their lowest level in nearly a week. “While some are suggesting the resumption of U.S.-Iran nuclear talks is acting as a drag, the reality is, even if there was an agreement it’s not immediately obvious how quickly this would translate into more supply,” said Michael Hewson, chief market analyst at CMC Markets UK. “It’s more likely that a modest lessening of tension on the Russia-Ukraine border is prompting a little relief” in terms of supply risks, he said. West Texas Intermediate crude for March delivery fell $1.96, or 2.2%, to settle at $89.36 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Feb. 2, FactSet data show.

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