Oil prices fell on Monday as <a href="http://www.wionews.com/business-economy/crude-oil-prices-rise-as-us-sanctions-on-iran-loom-172761">US&nbsp;sanctions against Iran's fuel </a>exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.

Brent crude oil was down 15 cents a barrel at $72.68 by 1030 GMT. US&nbsp;light crude was 30 cents lower at $62.84 a barrel.

Both oil price benchmarks have lost more than 15 per cent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show.

Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former US&nbsp;president Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors.

In response, Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctions and continue to sell oil.

Washington has granted some exemptions. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil.

"US&nbsp;sanctions against Iran ... created serious concerns with traders earlier in September. But they are turning into a damp squib," said Fiona Cincotta, market analyst at City Index.

Washington has so far not identified the eight. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan also occasionally buys Iranian crude.

South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran. It was also allowed to continue financial transactions with the Middle East country, it said.

Chinese foreign ministry spokeswoman Hula Chunking expressed regret at the US&nbsp;decision, but would not directly say if China had or had not been granted an exemption.

Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output.

Joint output from the world's top producers - Russia, the United States and Saudi Arabia - in October rose above 33 million barrels per day (bpd) for the first time, up 10 million bpd since 2010.

In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.

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

Oil prices fell on Monday as US sanctions against Iran's fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell. Brent crude oil was down 15 cents a barrel at $72.68 by 1030 GMT. US light crude was 30 cents lower at $62.84 a barrel. Both oil price benchmarks have lost more than 15 per cent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show. Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former US president Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors. In response, Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctions and continue to sell oil. Washington has granted some exemptions. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil. "US sanctions against Iran ... created serious concerns with traders earlier in September. But they are turning into a damp squib," said Fiona Cincotta, market analyst at City Index. Washington has so far not identified the eight. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan also occasionally buys Iranian crude. South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran. It was also allowed to continue financial transactions with the Middle East country, it said. Chinese foreign ministry spokeswoman Hula Chunking expressed regret at the US decision, but would not directly say if China had or had not been granted an exemption. Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output. Joint output from the world's top producers - Russia, the United States and Saudi Arabia - in October rose above 33 million barrels per day (bpd) for the first time, up 10 million bpd since 2010. In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.

Despite sanctions on Iran oil, prices drop on US waivers

A hike in India&#39;s import tax on palm oil could dent overseas purchases by the world&#39;s biggest edible oil importer while making imports of soy oil and sunflower oil lucrative for the country&#39;s refiners, industry officials said.

Lower imports by such a major buyer could also weigh on prices for producers of palm oil, used in everything from soap to foodstuffs. Palm oil futures traded on the Bursa Malaysia Derivative Exchange have fallen more than 3 per cent since the duty was increased on Thursday.

In a move designed to support domestic farmers, India raised the import tax on crude palm oil to 44 per cent from 30 per cent and lifted the tax on refined palm oil to 54 per cent from 40 per cent.

&quot;Imports of soft oils are bound to increase at the cost of palm oil,&quot; Atul Chaturvedi, President of industry body Solvent Extractors Association of India told, referring to products like soy oil and sunflower oil. &quot;The biggest gainer could be sunflower oil.&quot;

Palm oil imports could drop by 500,000 tonnes in the 2017/18 marketing year that started on November 1, said Govindbhai Patel, managing director of trading firm GG Patel &amp; Nikhil Research Company. The country imported 9.3 million tonnes of palm oil in the previous marketing year.

India primarily imports palm oil from Indonesia and Malaysia, the world`s top two producers. 
&nbsp; 
Import duties on crude and refined soy oil remain 30 per cent and 35 per cent respectively. Meanwhile, crude sunflower oil carries a 25 per cent import tax, while refined sunflower oil is taxed at 35 per cent.

India imports soy oil from Argentina and Brazil, sunflower oil from Ukraine and Argentina, and canola oil from Canada.

&quot;Availability of soyoil is limited. So, large-scale substitution (of palm oil) is not possible with soy oil, but sunflower supplies are ample. Sunflower oil will replace palm oil,&quot; said a Mumbai-based dealer with a global trading firm.

Sunflower oil imports could jump to 3 million tonnes from 2.17 million tonnes a year ago, the dealer said. He spoke on condition of anonymity as he was not authorized to speak with media.

Still, industry officials said palm oil prices could correct to become competitive amid rising output.

One Kuala Lumpur-based trader now expects palm oil prices to fall to the 2,300-2,400 ringgit a tonne range. &quot;At 2,500 ringgit and above, palm is considered expensive,&quot; he said.

Palm oil output is expected to rise in line with the seasonal trend from March onwards, putting further pressure on palm oil prices as stocks are expected to build. Malaysia in January had suspended export taxes on crude palm oil for a three-month period to encourage demand and support prices.

A hike in India`s import tax on palm oil could dent overseas purchases by the world`s biggest edible oil importer while making imports of soyoil and sunflower oil lucrative for the country`s refiners

A hike in India's import tax on palm oil could dent overseas purchases by the world's biggest edible oil importer while making imports of soy oil and sunflower oil lucrative for the country's refiners, industry officials said. Lower imports by such a major buyer could also weigh on prices for producers of palm oil, used in everything from soap to foodstuffs. Palm oil futures traded on the Bursa Malaysia Derivative Exchange have fallen more than 3 per cent since the duty was increased on Thursday. In a move designed to support domestic farmers, India raised the import tax on crude palm oil to 44 per cent from 30 per cent and lifted the tax on refined palm oil to 54 per cent from 40 per cent. "Imports of soft oils are bound to increase at the cost of palm oil," Atul Chaturvedi, President of industry body Solvent Extractors Association of India told, referring to products like soy oil and sunflower oil. "The biggest gainer could be sunflower oil." Palm oil imports could drop by 500,000 tonnes in the 2017/18 marketing year that started on November 1, said Govindbhai Patel, managing director of trading firm GG Patel & Nikhil Research Company. The country imported 9.3 million tonnes of palm oil in the previous marketing year. India primarily imports palm oil from Indonesia and Malaysia, the world`s top two producers. Import duties on crude and refined soy oil remain 30 per cent and 35 per cent respectively. Meanwhile, crude sunflower oil carries a 25 per cent import tax, while refined sunflower oil is taxed at 35 per cent. India imports soy oil from Argentina and Brazil, sunflower oil from Ukraine and Argentina, and canola oil from Canada. "Availability of soyoil is limited. So, large-scale substitution (of palm oil) is not possible with soy oil, but sunflower supplies are ample. Sunflower oil will replace palm oil," said a Mumbai-based dealer with a global trading firm. Sunflower oil imports could jump to 3 million tonnes from 2.17 million tonnes a year ago, the dealer said. He spoke on condition of anonymity as he was not authorized to speak with media. Still, industry officials said palm oil prices could correct to become competitive amid rising output. One Kuala Lumpur-based trader now expects palm oil prices to fall to the 2,300-2,400 ringgit a tonne range. "At 2,500 ringgit and above, palm is considered expensive," he said. Palm oil output is expected to rise in line with the seasonal trend from March onwards, putting further pressure on palm oil prices as stocks are expected to build. Malaysia in January had suspended export taxes on crude palm oil for a three-month period to encourage demand and support prices.

India's tax hike to slash palm oil imports, boost soy oil, sunflower oil buying

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Despite sanctions on Iran oil, prices drop on US waivers

India's tax hike to slash palm oil imports, boost soy oil, sunflower oil buying