Oil falls ahead of US announcement of new sanctions on Iran

LONDON, Aug 24 : Oil prices slipped more than $1 a barrel on Monday as investors took profits after recent gains and awaited details of expected new U.S. sanctions on Iran, which could further disrupt supplies from the Middle East.Brent crude futures were down $1.55, or 1.64 per cent, to $92.84 at 0911 GMT, while U.S. West Texas Intermediate crude was at $85.02 a barrel, down $2.04, or 2.34 per cent.Both contracts posted a second consecutive weekly gain last week, rising more than 5 per cent, as peace negotiations between the U.S. and Iran stalled, constraining oil shipments through the Strait of Hormuz, a route that once carried a fifth of global supplies."Oil slipped after a two-week rally as traders awaited the U.S. plan to economically isolate Iran due later Monday," said Saxo Bank ana