Oil falls 11% to end week under $30 a barrel

Oil futures settled below the key $30-a-barrel level on Friday to tally a loss of more than 11% for the week as traders worried that Iranian supplies will add to a global surplus pushing prices to fresh 12-year lows.

February West Texas Intermediate crude CLG6, -1.84%  dropped $1.78, or 5.7%, to settle at $29.42 a barrel on the New York Mercantile Exchange, after touching a low at $29.13. Prices, which marked their lowest closing level since November 2003, ended roughly 11.3% lower on the week.

March Brent oil LCOH6, -2.21%  lost $1.94, or 6.3%, to $28.94 a barrel, for a weekly loss of more than 14%. Prices settled at their lowest level since February 2004.

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