Crude fell more than 5% on Friday and dipped below $30 a barrel amid risk aversion and concerns that Iran will add to the supply glut.
West Texas Intermediate crude for February fell 5.7% to settle at $29.42 a barrel on the New York Mercantile Exchange. It earlier scored a fresh 12-year low of $29.15 a barrel. Over the week, crude prices lost more than 11%. Since closing 2015 around $37, WTI has lost more than 21%.
A report from the International Atomic Energy Agency (IAEA) which could confirm that Iran has met the requirements of a historic nuclear deal reached last summer is expected to come out on Saturday. This report will pave way for the western sanctions being removed and Iran to return to global energy markets.
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