The light, sweet crude oil contract for October fell to settle below $70/bbl on the New York market Aug. 31 while Brent crude oil for October also dropped but still managed to settle above $77/bbl for a third consecutive trading session. Despite moderate losses Aug. 31, oil prices have risen on a weekly basis for two consecutive weeks, which analysts attribute to pending US oil sanctions on Iran scheduled to take effect in nearly November.

Source: News