U.S. crude oil prices fell to $ 73 a barrel at the beginning of the week as well as Brent crude, which fell to $ 82, as some of Iran's oil exports continue to flow after the United States reinstates sanctions, easing a strain on supplies.
India's oil minister said on Monday that two companies in India, big buyers of Iranian oil, had ordered barrels in November. The Trump administration is considering waivers on sanctions, according to a U.S. government official on Friday.
U.S. sanctions will begin on November 4, and the United States is pressing on governments and companies around the world to cut their imports to zero. Oil has also fallen because of a focus on increasing production from other producers such as Saudi Arabia's top oil exporter to offset Iran's supply shortfall.
Saudi Arabia said last week it planned to increase production in November from October's 10.7 million barrels per day, a sign that the kingdom would increase production to the highest level ever.
