Brent falls from more than 7year high of 94bbl
U.S.Iran nuclear talks will resume on Tuesday
Iran stores more oil on tankers as talks enter final stage

Feb 7 Reuters Oil prices settled lower on Monday on faint signs of progress in nuclear talks between the United States and Iran, which could lead to the removal of U.S. sanctions on Iranian oil sales.

Last week, crude prices rallied for the seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.

If U.S. sanctions are lifted, Iran could quickly export millions of barrels of crude and help to drive down redhot oil prices.

Brent crude settled down 58 cents, or 0.6, at 92.69. It session high of 94 was the highest since October 2014.

U.S. West Texas Intermediate crude fell 99 cents, or 1.3, to settle at 91.32 after touching 92.73.

On Friday, U.S. President Joe Biden39;s administration restored sanctions waivers to Iran to allow international nuclear cooperation projects as talks on the 2015 international nuclear deal enter the final stretch.

Although the sanctions relief will have limited impact on Iran39;s struggling economy, markets viewed the move as a signal both sides were determined to reach a deal.

Speaking on condition of anonymity, a European official said top envoys to the Vienna talks which are indirect because Iran has so far refused to sit down with U.S. diplomats were likely to meet on Tuesday in the Austrian…