Oil Dips As Market Braces for More Iranian Oil

Crude futures took a fresh plunge on Friday as the market braced for more Iranian oil exports, with the lifting of international sanctions possible within days.

U.S. crude futures were more than 4% lower at $29.75 per barrel at 4.36 a.m. ET, after posting the first significant gains for 2016 in the previous session, Reuters reported. The contract hit a 12-year low of $29.61 in earlier trading.

The March Brent contract was down 95 cents at $29.93 a barrel. Earlier on Friday, it fell to $29.73, the lowest since February 2004.

It is reported that the International Atomic Energy Agency could issue its report on Iran's compliance with an agreement to curb its nuclear program during a Friday meeting in Vienna, potentially triggering the lifting of Western sanctions.

While experts warned that not all sanctions on Iran may be lifted immediately once the agreement on its nuclear program came into effect, any additional oil would add to a glut that has pushed prices into a deep slump since mid-2014.