Oil slips as U.S. sanctions on Iran begin, Tehran defiant | Reuters:
Oil prices fell on Monday as U.S. sanctions against Iran’s fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.
Brent crude oil LCOc1 was down 15 cents a barrel at $72.68 by 1030 GMT. U.S. light crude CLc1 was 30 cents lower at $62.84 a barrel.
Both oil price benchmarks have lost more than 15 percent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show.
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