2018-11-05
Oil prices fell on Monday after exceptions allowed some countries to continue to import Iranian crude oil at least temporarily as US sanctions on Iranian fuel exports begin.
 
Brent crude prices for the nearest month fell 44 cents, or 0.6 percent, from their last close to $ 72.39 a barrel at 0142 GMT.
 
US WTI futures fell 53 cents, or 0.8 percent, to $ 62.61 a barrel.
 
Brent crude has lost more than 16 percent of its value since the beginning of October, while WTI has fallen more than 18 percent since then.
 
Prices were under pressure after it became clear that Washington would allow several countries to continue to import crude oil from Iran despite sanctions that will officially begin on Monday.
 
The United States said on Friday it would temporarily allow eight importers to continue buying Iranian oil when it reinstates sanctions to force it to curb its nuclear, missile and regional activities.
 
Washington has yet to announce the names of the eight countries