Oil loses ground as US mulls granting waivers on Iran sanctions
Saudi Arabia is said to be replacing any potential shortfall from Iran
Singapore — Brent crude oil prices fell more than 1% on Monday after Washington said it may grant waivers to sanctions against Iran’s oil exports in November, and as Saudi Arabia was said to be replacing any potential shortfall from Iran. International benchmark Brent crude oil futures were at $83.26 a barrel at 3.52am GMT, down 90c, or 1.1%, from their last close. US West Texas Intermediate (WTI) crude futures were down 54c, or 0.7%, at $73.80 a barrel. US sanctions will target Iran's crude oil exports from November 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 will not fall to nothing from November, India will buy 9-million barrels of Iranian crude next month, Reuters reported on Friday. Hedge funds cut their b...
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