Oil Falls Back Below $30 With Brent Discount Biggest Since 2010

15/01/2016 13:31 AST

Oil fell to a new 12-year low below $30 a barrel in New York, while the discount on global benchmark Brent reached a five-year high as Iran moved closer to restoring exports.

West Texas Intermediate futures dropped as much as 5.1 percent in New York and are down more than 10 percent for the week. The grade had slipped below $30 a barrel on Tuesday for the first time since 2003. International sanctions on Iran may be lifted Monday, allowing for a boost in oil shipments from the fifth-biggest member of the Organization of Petroleum Exporting Countries.

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