NEW YORK (MarketWatch) -- Oil futures dipped in choppy trade Monday as investors focused on talks over Iran's nuclear program and a meeting of the Organization of the Petroleum Exporting Countries, or OPEC, later this week. Light, sweet crude for January delivery CLF5, -0.29% on Nymex fell 26 cents, or 0.3%, to $76.25 a barrel, after rising modestly in earlier activity. The Wall Street Journal reported that talks between Iran and six major powers are likely to end Monday and resume next month after failing to break a deadlock ahead of a Monday deadline. A deal would end sanctions on Iranian oil exports. Meanwhile, traders continued to debate the potential for a production cut by OPEC.

Source