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Brent prices for next month fell 44 cents, or 0.6%, against a last barrel at 72.39 dollars per barrel at 0142 GMT.
Futures on the US WTI dropped 53 cents, or 0.8%, to $ 62.61 a barrel.
Brent has lost more than 16% of its value since early October, while the WTI has dropped more than 18% since then.
Prices were under pressure after it became clear that Washington would allow several countries to continue importing crude oil from Iran despite the sanctions that will officially begin Monday.
The United States announced on Friday that it would temporarily allow eight importers to continue buying Iranian oil after the reinstatement of sanctions, to force it to end its nuclear, missile and regional activities.
Washington has not yet announced the names of the eight countries.
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Brent prices for next month fell 44 cents, or 0.6%, against a last barrel at 72.39 dollars per barrel at 0142 GMT.
Futures on the US WTI dropped 53 cents, or 0.8%, to $ 62.61 a barrel.
Brent has lost more than 16% of its value since early October, while the WTI has dropped more than 18% since then.
Prices were under pressure after it became clear that Washington would allow several countries to continue importing crude oil from Iran despite the sanctions that will officially begin Monday.
The United States announced on Friday that it would temporarily allow eight importers to continue buying Iranian oil after the reinstatement of sanctions, to force it to end its nuclear, missile and regional activities.
Washington has not yet announced the names of the eight countries.
