Oil Steady As US Sanctions On Iran Begin, Tehran Defiant

Oil prices steadied on Monday as U.S. sanctions against Iran’s fuel exports began but were softened by waivers allowing major buyers to import Iranian crude for a while, as Tehran said it would defy Washington and continue to sell.

Brent crude oil LCOc1 was unchanged at $72.83/bbl by 1230 GMT. U.S. light crude CLc1 was 15 cents lower at $62.99/bbl.

Both oil benchmarks have lost more than 15% since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low.