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Aug. 15, 2022, 2:50 p.m. EDT

U.S. oil prices settle below $90 for the first time in over a week

U.S. oil futures declined on Monday, settling below $90 a barrel for the first time in more than week. Downbeat economic data from China dulled prospects for energy demand, and the possibility of a revival of the Iran nuclear deal raised the potential for more Iranian oil in the global market. September West Texas Intermediate crude fell $2.68, or 2.9%, to settle at $89.41 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract ended the session at their lowest since Aug. 5, according to Dow Jones Market Data.

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