US crude prices drop to 8-month low on easing supply concerns | Financial Times

US crude prices drop to 8-month low on easing supply concerns | Financial Times:

A decline in oil prices accelerated Tuesday, with US crude dropping to an eight-month low as the market re-evaluated the impact of Washington’s sanctions on Iran. 

The US officially renewed sanctions on Iranian oil exports Monday, a development that traders expected would suppress global supplies. But the nation also offered a temporary reprieve to eight countries, including two of Iran’s largest importers, China and India. For its part, Iran said it has continued to sell a sufficient amount of oil.

Brent crude, the international benchmark, dipped 2.2 per cent to $71.59 per barrel. West Texas Intermediate fell 2.2 per cent to $61.70 per barrel. At a session low of $61.31 per barrel, US futures touched their lowest mark since mid-March.