Oil prices edged lower in quiet holiday-thinned trade, extending last week's sharp losses, as market players continued to discount the likelihood of immediate sanctions being imposed on key producer Iran. At 9.39 am October-dated Brent contracts were down 9 cents at 69.06 usd, after closing down at 1.10 usd on Friday at 69.15 usd. Meanwhile, October-dated US light crude futures were down 7 cents at 69.14 usd.