Oil prices soften after US grants Iran sanction waivers to eight importers

Traders said prices have been coming under pressure since it became clear that Washington was allowing several countries to continue importing crude from Iran despite the sanctions

Oil prices dipped on Monday as the start to US sanctions against Iran's fuel exports was softened by waivers that will allow some countries to still import Iranian crude, at least temporarily.

Front-month Brent crude futures, the international benchmark for oil prices, were at $72.53 per barrel at 0030 GMT on Monday, down 30 cents, or 0.4 per cent from their last close.

US West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 per cent, at $62.87 a barrel.

Brent has lost more than 16 per cent in value since early October, while WTI has declined by