Oil is coming under pressure as Brent extends...>

OIL: Oil is coming under pressure as Brent extends its losses to $83.25 after

failing to close above $85 last week. WTI is also back at $73.73 after failing

to close above the key $75 level last week.

- US sanctions will target Iran's crude oil exports from Nov. 4, and Washington

has been putting pressure on governments and companies worldwide to cut their

imports to zero, but Friday's that the country could consider exemptions for

nations that have already shown efforts to reduce their imports of Iranian oil

is weighing on the sector.

- Oil prices face headwinds from the huge gap that has opened up relative to the

commodity complex, suggesting that a broad-based commodity rally will be needed

to justify a resumption of the oil price rally.