Crude settled down in New York on Monday after climbing earlier as American sanctions against OPEC's No. 3 producer formally kicked in. The Trump administration granted waivers to China and seven other major buyers so they can continue buying some Iranian crude. Meanwhile, expanding domestic inventories dampened worries about tightening global supplies.

Oil extended its slide to six-month lows as US softened its crackdown on Iranian-exports and American supplies surged, easing concerns of an impending shortage. Futures slumped 6.3% this week, biggest-drop since early February. The US has agreed to let eight-countries including Japan, India, South Korea keep buying Iranian-oil after sanctions kick in this weekend to prevent a spike in prices, senior administration official said.

Crude oil rose by Rs 18 to Rs 5,257 per barrel in futures market Friday as speculators indulged in creating speculative positions, taking positive cues from Asian markets. At the Multi Commodity Exchange, crude oil for delivery in October was trading higher by Rs 18, or 0.34%, to Rs 5,257 per barrel, in a business turnover of 393 lots.