Oil Slides on Europe’s Iran Sanctions Workaround

By Alex Nussbaum

(Bloomberg) —

Crude futures fall about $1/bbl in closing minutes before settlement, extending daily loss, after European Union says first transactions have been processed on Instex, financial mechanism designed to allow trade with Iran despite U.S. sanctions.

WTI for August -96c, or 1.6%, to $58.47/bbl at settlement, fell as low as $57.90/bbl
Brent for September -93c, 1.4%, to $64.74

Brent for August delivery expired Friday

NOTE: Iran Says Europeans Working on Speeding Up Instex Implementation

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Alex Nussbaum in New York at anussbaum1@bloomberg.net

To contact the editors responsible for this story:
Simon Casey at scasey4@bloomberg.net
David Marino