Iran plans to defy newly reimposed U.S. sanctions and continue to sell, Iranian President Hassan Rohani reportedly said on state TV on Monday, according to Reuters.

On Monday, Washington reimposed sanctions on Iran in a bid to put pressure on the Islamic republic to curb its nuclear, missile and regional activities.

U.S. crude oil traded 0.55 percent lower on Monday at$62.81, while the benchmark Brent slid 0.41 percent lower to trade at $72.53 at 2:25p.m. HK/SIN time.

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