Investing.com -
Brent crude fell to a new 12-year low on Thursday as the prospect of more oil supplies from Iran loomed, amid gloom over a world already awash with supply and concerns about global economic growth.
The global benchmark dropped as far as $29.73, the lowest since February 2004 before pulling back to $30.41 a barrel at 11.58 GMT.
U.S. crude rose to $30.75 after falling earlier in the day.
U.S. oil is trading at a rare premium to Brent, reflecting the hit that the global benchmark is taking with potentially more crude from Iran flowing as sanctions imposed on the country for its nuclear program may be lifted as early as Friday.
It was the second time in two days for Brent to drop below $30 a barrel after U.S. crude fell below that mark on Tuesday, before recouping some of the losses.