2018.10.0807:00:00UTC+00Oil Drops Below $83 As US Considers Waivers On Iran Oil Sanctions

Oil prices fell below $83 a barrel on Monday after the United States said it is actively considering waivers on sanctions against Iran that will take effect on Nov. 4.

Benchmark Brent crude was down 1.64 percent at $82.78 a barrel after hitting a four-year high of $86.74 last week. U.S. crude futures were down 1.43 percent at $73.28 a barrel.

The Trump administration is "in the midst of an internal process" of considering waivers for countries that are reducing imports of Iranian crude, media reports quoted a U.S. government official as saying.

India, the world's third-biggest oil importer, is expected to buy 9 million barrels of Iranian oil in November, the country's petroleum minister Dharmendra Pradhan said on Monday at an event.

Investors also expect that top exporter Saudi Arabia will steadily increase production to compensate for the Iranian oil that will be subject to U.S. sanctions.