Oil prices fell in early Asian trade on possible position adjustments ahead of expected U.S. sanctions. The U.S. is expected to announce new economic sanctions against Iran on Monday as the impasse over Iran's nuclear program persists with no signs of a deal between the U.S. and Iran. "Details are expected to be announced on Monday," Commerzbank Research's Carsten Fritsch says in a note. President Joe Biden is "likely to target buyers of Iranian oil.

The most important among them is China," the commodity analyst adds. Front-month WTI crude oil futures are 1.0% lower at $86.16 per barrel; front-month Brent crude oil futures are 1.0% lower at $93.45 a barrel.