Oil futures fall as Iran reportedly reviews U.S. response to the EU nuclear deal proposal

Oil futures moved lower in Tuesday dealings, as reports say that Iran is assessing the U.S. response to the European Union’s draft nuclear deal. Nasser Kanaani, spokesman for the Foreign Minister in Tehran, said Wednesday that Iran would comment on Washington’s reply through the EU when the assessment is complete, according to a report from Bloomberg. “We do not know whether that response is positive or negative,” said Phil Flynn, senior market analyst at The Price Futures Group. “We think it’s still the Iranian nuclear dance.” At the same time, however, “we heard comments from Algeria that is suggesting that oil volatility implies excessive economic concerns and that they are prepared to act with other OPEC partners to balance the market,” said Flynn. “In other words, they’re getting ready for a production cut.” The oil market right now is “like a kid with divorced parents — it does not know if it should follow heating oil up or gasoline futures down.” On the New York Mercantile Exchange, October West Texas Intermediate crude CLV22, +1.15% fell 84 cents, or 0.9%, to $92.90 a barrel. October Brent crude BRNV22, +0.02% on the ICE Futures Europe exchange traded at $99.17, down $1.05, or 1%.