Oil Prices Decline Friday as Iran Prepares to Enter Energy Market

World oil prices continued to decline Friday as Brent crude fell by over 3 percent against yesterday's close, while West Texas Intermediate (WTI) fell by over 5 percent, according to trading data.

MOSCOW (Sputnik) — Generic Brent futures fell to $29.47 per barrel by 10:20 GMT after the trading day's previous low of $29.84 per barrel on 8:55 GMT, while WTI crude declined to $29.49 per barrel by 10:20 GMT after the 09:00 GMT low of $29.66 per barrel. The oil blends fell to Thursday's closing value by over 4.5 and five percent respectively.

Oil prices have been at 11-year and 12-year lows, depending on crude blend classification, since Monday. The US Energy Information Administration (EIA) has revised its 2016 oil price forecast down by over one fourth in its short-term energy outlook published Tuesday.

Brent crude prices plunged from $115 per barrel to $48.5 per barrel between June 2014 and January 2015, hitting the lowest levels since 2004 by January 2016. The recent decline comes as markets brace for Iranian supplies to kick off, reportedly as early as next week.

The price free fall has been attributed to global overcapacity, OPEC's decision to maintain output as well as economic turmoil plaguing the world's leading energy consumers, notably China.