Oil prices have slipped after the U.S. said it would allow a group of allies to continue buying oil from Iran as long as they continued to try to reduce their imports from that nation.
The U.S. reinstated sanctions on Iran this month.
Benchmark U.S. crude oil fell by 34 US cents to US$61.87 in electronic trading on the New York Mercantile Exchange. It fell by 1.4 percent to US$62.21 a barrel in New York Tuesday. Brent crude dipped by 25 US cents to US$71.88.