Futures Movers: Oil falls as traders weigh prospects for Saudi-led production cut

Oil prices pared some of their earlier losses on Monday, finding support from news that the European Union backs a decision by the French government to sanction Iran nationals linked to a bomb plot in France.

“Oil traders are now pricing in the possibility that the EU will join the U.S. in taking a tough stance on Iran, and maybe this time there will be no waivers or a way for Iran to sneak out [oil] supply,” said Phil Flynn, senior market analyst at Price Futures Group.

Reuters reported Monday that EU ministers said technical work could begin on an asset freeze on two Iranians and the Iranian intelligence service over a failed plot to attack a rally near Paris.

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