December WTI Settles at $97.82 After Oil Futures Reverse Early Gains

U.S. oil futures finished lower on Oct. 20 after giving up early gains, with December West Texas Intermediate (WTI) settling at $97.82 a barrel amid conflicting accounts of U.S.-Iran talks.

The preliminary December WTI settlement was down $0.72. The November contract, which was expiring that day, fell $1.87 to $101.79 a barrel. NYMEX December Brent Oil Last Day Futures settled at $108.79 a barrel, down $0.76.

The close followed a sharp intraday reversal. November WTI had pulled back to $102.75 after reaching $110.48, while December WTI was quoted at $97.50 earlier in the session.

Traders weighed conflicting accounts of U.S.-Iran talks alongside continuing risks to oil supplies. A mediation proposal under discussion involved interest on $6 billion in frozen Iranian funds and would require Iran to permit an unannounced International Atomic Energy Agency inspection of nuclear sites. Neither government had publicly accepted the terms.