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2016-01-15 20:30:00

OIL PRICES DOWN 4%

OIL PRICES DOWN 4%

Brent crude futures plunged more than 4 percent to near 12-year lows on Friday as the market braced for increased Iranian oil exports, with the lifting of international sanctions possible within days.

Brent and U.S. crude oil were on track to close lower for a third consecutive week, down roughly 20 percent from their 2016 highs.

The International Atomic Energy Agency (IAEA) could issue its report on Iran's compliance with an agreement to curb its nuclear programme during a Friday meeting in Vienna, potentially triggering the lifting of Western sanctions.

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