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

Reuters  |  NEW YORK 

By Devika Krishna KumarNEW YORK (Reuters) - Oil prices fell about 1 percent on Friday, heading for a weekly loss of over 6 percent, as investors worried about oversupply when 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 fell 23 cents to $72.66 a barrel, a 0.3 percent loss, by 1:08 p.m. EST (1708 GMT). U.S. crude fell 65 ...

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First Published: Fri, November 02 2018. 23:23 IST