The West Texas Intermediate for October delivery lost 2.37 U.S. dollars, or 2.5 percent, to settle at 92.52 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery decreased 1.88 dollars, or 1.9 percent, to close at 99.34 dollars a barrel on the London ICE Futures Exchange.
Traders weighed the possibility of an Iran nuclear deal, which could bring Iranian oil on the market.
Meanwhile, oil participants assessed the prospects for output cuts from the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.
Saudi Arabia's energy minister indicated earlier this week that there is a disconnect between futures prices and fundamentals, and that OPEC+ has the means to deal with market challenges including cutting production at any time and in different forms.
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