Oil prices fell about 1 percent on Friday and notched a weekly loss of over 6 percent, as investors worried about oversupply after the United States said it will temporarily spare eight jurisdictions from Iran-related sanctions.
U.S. Secretary of State Mike Pompeo announced the decision in a conference call. The waivers could allow top buyers to keep importing Iranian oil after economic penalties come back into effect on Monday.
Brent crude futures fell 6 cents to settle at $72.83 a barrel. U.S. crude declined 55 cents to end the session at $63.14 per barrel, a 0.86 percent loss.
Both contracts have fallen more than 15 percent from the near four-year highs touched in early October on worries the looming Iran sanctions could drain supply from global markets.
Pompeo did not name the jurisdictions, but said the European Union as a whole, which has 28 members, would not receive one.
India, Iraq and South Korea were on the list of waivers, said a source familiar with the matter who spoke on condition of anonymity. Under U.S. law, such exceptions can only be granted for up to 180 days.
Turkey has been told it will receive a waiver on U.S. sanctions against Iranian oil sales, Turkish Energy Minister Fatih Donmez said.
Iran said on Friday that it had no concerns over the reimposition of sanctions.
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