Oil Drops as US Considers Granting Countries Waivers on Iran Sanctions
TEHRAN (Tasnim) – Oil prices fell on Monday after Washington said it may grant waivers to sanctions against Iran's oil exports next month.
International benchmark Brent crude oil futures were at $83.44 per barrel at 0643 GMT, down 72 cents, or 0.9 percent, from their last close, CNBC reported.
US West Texas Intermediate (WTI) crude futures were down 54 cents, or 0.7 percent, at $73.80 a barrel.
US sanctions will target Iran's crude oil exports from Nov. 4, and Washington has been putting pressure on governments and companies worldwide to cut their imports to zero.
However, a US government official said on Friday that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.
In a sign that Iran oil exports won't fall to nothing from November, India will buy 9 million barrels of Iranian crude next month, Reuters reported on Friday.
Hedge funds cut their bullish wagers on US crude in the latest week to the lowest level in nearly a year, data showed on Friday.
Traders said ongoing concerns that the US-Chinese trade war could slow down economic growth also weighed on crude on Monday.
China's stocks fell sharply on Monday despite an announcement from Beijing over the weekend that it would slash the level of cash that banks must hold as reserves, a sign of underlying investor anxiety over the heated Sino-US trade war.
