Investing.com - Oil prices fell to fresh 12-year lows on Friday, heading lower after posting the first significant gains for 2016 in the previous session, as the prospect of additional Iranian supply looms over the market.
U.S. crude was down 4.79% at $29.71 a barrel at 10.07 GMT. WTI is on track to post a third consecutive weekly loss, down more than 8%. The contract is down about 21% from a 2016 high on January 4.
Brent crude was down 3.29% at $29.87 a barrel. It closed higher for the first time this year on Thursday after falling to $29.73 earlier in the day, the lowest level since February 2004.
Western sanctions on Iran are expected to be lifted within days, potentially paving the way for more crude oil exports from the country, under a landmark agreement on Tehran's disputed nuclear program.
Any additional oil from Iran would add to the glut that has pushed oil prices into a deep slump since the middle of 2014.