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Oil prices drop due to possible US exemption on Iran

The Address | Benghazi – Libya

SINGAPORE – Oil prices fell on Monday as Brent crude futures fell $ 83.44 a barrel, down 72 cents, or 0.9 percent, from a previous close.

US crude futures were down 54 cents, or 0.7 percent, to record $ 73.80 a barrel.

The drop came after the United States said it could grant exemptions from sanctions on Iran’s oil exports next month and Saudi Arabia said it would compensate for any potential shortages in Iran’s supply.

US sanctions have targeted Iranian crude exports since Nov. 4, as Washington presses governments and companies around the world to halt imports from Tehran completely.

 

Reuters

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