Commodities
Oil Slips as Investors Take Profits Ahead of US Iran Sanctions Announcement
Oil prices dipped on Monday as investors took profits ahead of an expected US announcement on new Iran sanctions.
The Brent crude futures fell $1.23, or 1.3%, to $93.16 by 0329 GMT, while U.S. West Texas Intermediate crude was at $85.7 a barrel, down $1.36, or 1.6%.
The move comes as the US threatens to impose 'the toughest sanctions in history' on Iran, which has condemned the plans and called for a diplomatic solution.
'It is unclear whether U.S. policy to economically isolate Iran will prove effective,' said Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia.