Oil prices down on demand concerns

LONDON, 06 (Reuters): Oil prices declined on Tuesday after Washington granted sanctions exemptions to top buyers of Iranian oil, lifting supply concerns and turning the market's focus to worries that an economic slowdown may curb fuel demand.
Benchmark Brent crude futures LCOc1 were down 20 cents at $72.97 a barrel by 0929 GMT.
US West Texas Intermediate crude futures CLc1 were at $62.98 a barrel, down 12 cents from their last settlement.
Washington gave 180-day exemptions to eight importers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.
This group takes as much as three-quarters of Iran's seaborne oil exports, trade data shows, meaning Iran will still be allowed to export some oil for now.
Iran's crude exports could fall to little more than 1 million barrels per day (bpd) in November, roughly a third of their mid-2018 peak. But traders and analysts say that figure could rise from December as importers use their waivers.
Meanwhile, concerns about demand continue. The trade dispute between the United States and China threatens growth in the world's two biggest economies and currency weakness is pressuring economies in Asia, including India and Indonesia.
On the supply side, oil is ample despite the sanctions against Iran as output from the world's top three producers - Russia, the United States and Saudi Arabia - is rising.
The three countries combined produced more than 33 million bpd for the first time in October, meaning they alone meet more than a third of the world's almost 100 million bpd of crude oil consumption.
Amid ample supply, top crude exporter Saudi Arabia has cut the December price for its Arab Light grade for Asian customers.