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June 7, 2021, 2:47 p.m. EDT

Oil futures end lower, with U.S. prices retreating from their highest since 2018

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By Myra P. Saefong

Oil futures edged lower on Monday, with U.S. prices slipping back after ending last week at their highest since October 2018 as traders weigh prospects for demand and the likelihood and timing of an Iran nuclear deal. "The energy market remains fixated over the Iranian nuclear deal talks," said Edward Moya, senior market analyst at Oanda. "At some point this week, a make-or-break moment will present itself over Iranian nuclear talks and that should help determine if bullish momentum continues to send oil much higher." A deal between world powers, including the U.S. and Iran, would likely lead the U.S to lift sanctions on Tehran. That would allow Iran to contribute more oil to the world market. West Texas Intermediate oil for July delivery fell 39 cents, or 0.6%, to settle at $69.23 a barrel on the New York Mercantile Exchange after a gain of 1.2% for Friday's session and a rise of about 5% for last week.

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