Oil market fell more than 1%, because the United States allowed major buyers to
Oil prices fell Tuesday and U.S. crude oil futures fell to an eight-month low. Yesterday, the U.S. government exempted Iranian crude oil buyers from sanctions, while Iran said it could still sell oil to meet all export needs so far.
Brent crude oil futures fell $1.04, or 1.42%, to close at $72.13 a barrel, down to $71.18 in midday trading, the lowest level since August 16.
US crude oil futures fell $0.89, or 1.41%, at $62.21 a barrel. The low point was $61.31, which was the lowest in March 16th.
Iran said that so far, the country can still sell crude oil to meet all export needs. And urged European countries against American sanctions to take more measures to protect Iran.
The United States resumed sanctions on Iran's oil, banking and transportation industries on Monday and threatened to take more action. U.S. Treasury Secretary Nuchin said the U.S. aimed to reduce Iranian oil exports to zero, but gave temporary exemptions to eight Iranian oil importing countries and regions, including China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey, allowing them to continue buying Iranian oil within 180 days.
<>Oil market fell more than 1%, because the United States allowed major buyers to
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