AKIPRESS.COM - 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.

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, reports Reuters.

The International Atomic Energy Agency (IAEA) 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.

U.S. crude futures were more than 4 percent lower at $29.75 per barrel at 4.36 a.m. ET, after posting the first significant gains for 2016 in the previous session. 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.