Global oil prices drop to one-month low despite U.S.' Iran oil sanctions

Meanwhile, oil prices plunged even though the Trump administration officially ended waivers that had been granted to some nations allowing them to continue importing oil from Iran.On Thursday, the West Texas Intermediate crude dropped nearly 3 percent to 61-dollars and 81 cents per barrel as the market grappled with oversupply fears as increased U.S. sanctions on Iran had more incremental impact than expected and U.S. crude oil inventories rose sharply.It's the lowest oil has traded in a month.Brent Crude is trading 2-point-3 percent lower at 70-5-1.dropped to 69-95 per barrel.