FX.co ★ Oil Futures Pare Early Gains, Settle Sharply Lower On Demand Worries

Crude oil futures pared early gains and settled lower on Thursday, losing after posting gains in the previous two sessions.

Oil prices fell with traders weighing the prospects for the return of Iranian oil to the market. Concerns about outlook for energy demand amid rising possibility of a recession in several parts of the globe weighed as well on oil prices.

Prices moved higher earlier in the session, lifted by reports the OPEC+ could cut oil supplies.

West Texas Intermediate Crude oil futures ended lower by $2.37 or about 2.5% at $92.52 a barrel, falling from $95.76 a barrel.

Brent crude futures were down $1.33 or 1.31% at $99.89 a barrel a little while ago.

According to reports, talks between EU, the U.S. and Iran on the 2015 nuclear deal are on, with Iran saying it had received a response from the United States to the EU's "final" text to resurrect the agreement.