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Oil prices fell on Monday as the start to U.S. sanctions against Iran’s fuel exports was softened by waivers that will allow major buyers to still import Iranian crude, at least temporarily.
Front-month Brent crude futures (LCOc1) were at $72.41 per barrel at 0348 GMT on Monday, down 42 cents, or 0.6 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down 35 cents, or 0.6 percent, at $62.79 a barrel.
Both Brent and WTI have lost more than 15 percent in value since early October, in part as hedge funds have cut their bullish wagers on crude to a one-year low, data showed on Friday.
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