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Oil receives Iran's sanctions down after US assurances and exemptions
Follow - up / ... received crude oil prices, on Monday, the second US sanctions on Iran package, down to the lowest level in two months and a half, although they (sanctions), affecting the oil industry in Tehran.
But previous assurances from major oil producers around the world about their ability to pump enough supplies and US exemptions for eight countries to import Iranian oil prevented crude from rising.
On Monday, the United States began implementing its second package of economic sanctions on Iran, including the energy, finance and shipping sectors.
The sanctions were officially introduced at 10 am Washington time (0100 GMT).
By 0630 GMT, global benchmark Brent crude for January delivery fell 0.41 percent, or 33 cents, to $ 72.53 a barrel.
In the same vein, US crude for December delivery of Nymex fell 0.52 percent, or 33 cents, to 62.81 dollars per barrel.
Iran, the third largest producer of crude oil in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia and Iraq by 3.45 million barrels per day, and exports at two million barrels per day.
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