Oil futures post first loss in 3 sessions

Oil futures on Thursday posted their first loss in three sessions. Saudi Arabia has suggested that OPEC could decide to cut production if an Iranian nuclear deal is reached, as an agreement would lift Western sanctions and ultimately see additional oil barrels come onto the global market, said Tyler Richey, co-editor at Sevens Report Research. However, “from a fundamental standpoint, any production cuts would be aimed at offsetting the return of Iranian barrels to the global market-and not a material new bullish catalyst,” he said. October WTI crude CLV22, -1.95% fell $2.37, or 2.5%, to settle at $92.52 a barrel on the New York Mercantile Exchange.