Oil prices fall as U.S. grants Iran sanction waivers to major importers

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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 $72.40 per barrel at 0332 GMT on Monday, down 43 cents, or 0.6 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures (CLc1) were down 46 cents, or 0.7 percent, at $62.68 a barrel.
Brent has lost more than 16 percent in value since early October, while WTI has declined by more than 18 percent since then, in part as hedge funds have cut their bullish wagers on crude to a one-year low by the end of October, data showed on Friday.
Prices came under pressure as it became clear that Washington was allowing several countries to continue importing crude from Iran despite the sanctions, which officially started on Monday.

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