Oil prices were mostly flat for the day, after initially trading lower earlier on in the session but trading back up later in the day. The Saudi energy minister hinted towards an OPEC+ production cut, possibly if the Iran deal were to add production back to the market. Rate hikes and a slowing global economy are still a headwind for the market and a 50 bps hike is expected in September. “The near-term fundamentals seem more to the bears until we see some positive economic indications either out of the U.S. or China, which is looking unlikely,” said Dennis Kissler, senior vice president of trading at BOK Financial. WTI traded down $0.54 or 0.6% to close at $90.23. Brent traded down $0.24 or -0.25% to close at $96.48.