Oil plunges below $29 on prospects of more Iranian crude, China worries

January 15, 2016 5:51 PM

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Oil plunges below $29 on prospects of more Iranian crude, China worries

NEW YORK World oil prices slumped more than 6 percent to below $29 a barrel on Friday, as a further fall in the Chinese stock market and the prospect of an imminent rise in Iran's crude exports deepened fears of a longer supply glut.

After closing higher for the first time in eight sessions on Thursday, U.S. and Brent crude futures slumped to new 12-year lows, taking this year's losses to more than 20 percent, the worst two-week decline since the 2008 financial crisis.

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