NEW YORK, Nov. 5 (Xinhua) -- Oil prices dipped slightly on Monday as Washington's sanctions against Iran and waivers from the sanctions came into force on Monday.

The United States reimposed sanctions against Iran's oil exports, which had been lifted under the landmark 2015 nuclear agreement to curtail Iran's nuclear program.

However, Washington granted temporary waivers to allow eight major buyers to keep importing Iranian oil for some time.

Tehran, in response, dismissed Washington as Iranian President Hassan Rouhani said in a TV speech that it will "proudly break the unjust sanctions" and continue to sell oil.

The West Texas Intermediate for December delivery dropped 0.04 U.S. dollar to settle at 63.1 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery was up 0.34 dollar to close at 73.17 dollars a barrel on the London ICE Futures Exchange. Enditem