Global benchmark Brent crude turned positive in volatile trade on Monday as it jockeyed between downward pressure after Iran dashed hopes that OPEC would extend its production cap pact and support on fears that U.S. sanctions could dampen Iran’s output. “It’s tweet by tweet,” said Phil Flynn, an analyst at Price Futures Group, saying the market is swinging in response to posturing from the U.S. and OPEC members. The market plunged earlier on fears that oversupply could return. Iran’s oil minister Bijan Zanganeh said there would be no need to extend a pact between the Organization of the Petroleum Exporting Countries and non-OPEC producers if oil prices strengthened, the ministry’s official website SHANA reported. After reacting in fear, Flynn said the […]