Mubasher: Oil prices declined on Tuesday for the seventh consecutive session, the longest losing streak in nearly 20 months for American crude futures, since March 2017.

Nymex futures for December delivery went down by 1.4% or 89 cents to settle at the level of $62.21 a barrel.

Meanwhile, Brent crude futures for January delivery dropped $1.04, or 1.4%, to $72.13 per barrel.

The United States announced last week temporary waivers to eight countries from the sanctions imposed by the administration of President Donald Trump on Iram, namely China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.