Oil pared its advance as the International Energy Agency forecast prices will need to fall further to curb excess supplies, countering gains after nuclear talks stalled between Iran and world powers. Futures were 0.6 percent higher in New York, having earlier climbed 2.1 percent. The world remains “massively oversupplied” before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the IEA. Senior officials involved in the nuclear negotiations said it was too late to reach an agreement by a Friday deadline. Oil is heading for a second weekly loss driven by China’s equities rout and the turmoil in Greece. Iran, the fourth-largest producer in the Organization of Petroleum Exporting Countries, plans to boost crude exports and recapture market share if international sanctions are lifted. “The realization that the tightening in the oil market will take longer than expected was definitely one of the […]