Oil drops 1 percent as U.S. allows Iran sanctions waivers | Reuters

Oil drops 1 percent as U.S. allows Iran sanctions waivers | Reuters:

Oil prices fell about 1 percent on Friday and notched a weekly loss of over 6 percent, as investors worried about oversupply after the United States said it will temporarily spare eight jurisdictions from Iran-related sanctions.

U.S. Secretary of State Mike Pompeo announced the decision in a conference call. The waivers could allow top buyers to keep importing Iranian oil after economic penalties come back into effect on Monday.

Brent crude futures LCOc1 fell 6 cents to settle at $72.83 a barrel. U.S. crude CLc1 declined 55 cents to end the session at $63.14 per barrel, a 0.86 percent loss.