Oil Declines to 7-Month Low as Worldwide Supply Anxieties Ease

Oil prices slipped to the lowest levels in seven months as fears that US sanctions on Iran would strain global supplies eased.

Photo: Bloomberg

Oil dropped to a seven-month low as concern eased that US sanctions on Iran will squeeze worldwide supplies.

Crude settled down in New York on Monday after climbing earlier as American sanctions against OPEC's No. 3 producer formally kicked in. The Trump administration granted waivers to China and seven other major buyers so they can continue buying some Iranian crude. Meanwhile, expanding domestic inventories dampened worries about tightening global supplies.

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