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Brent crude for the nearest month fell 44 cents, or 0.6 percent, from its latest close to $ 72.39 a barrel at 0142 GMT "Greenwich."
US WTI futures fell 53 cents, or 0.8%, to $ 62.61 a barrel.
Brent crude has lost more than 16 percent of its value since early October, while WTI has fallen more than 18 percent since then.
Prices were under pressure after it became clear that Washington would allow several countries to continue importing crude oil from Iran despite sanctions that will officially begin on Monday.
The United States said on Friday that it would temporarily allow eight importers to continue buying Iranian oil when it reinstated sanctions to force it to curb its nuclear, missile and regional activities.
Washington has yet to announce the names of the eight countries.
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Brent crude oil prices for the nearest month fell 44 cents, or 0.6 percent, from its latest close to $ 72.39 a barrel at 0142 GMT.
US WTI futures fell 53 cents, or 0.8%, to $ 62.61 a barrel.
Brent crude has lost more than 16 percent of its value since early October, while WTI has fallen more than 18 percent since then.
Prices were under pressure after it became clear that Washington would allow several countries to continue importing crude oil from Iran despite sanctions that will officially begin on Monday.
The United States said on Friday that it would temporarily allow eight importers to continue buying Iranian oil when it reinstated sanctions to force it to curb its nuclear, missile and regional activities.
Washington has yet to announce the names of the eight countries.