Brent falls to another 12-year low

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 and down more than 1.5 percent. After spending most of the Asian trading day in negative territory, it was up 17 cents at $30.48 a barrel at 0730 GMT. West Texas Intermediate (WTI) was up 43 cents at $30.91 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 programme may be lifted as early as Friday.

It was the second time in two days for Brent to drop below $30 a barrel after WTI fell below that mark on Tuesday, before recouping some of the losses.

"Perhaps $30 or just slightly below is acting as a little bit of a floor, but that being said that's a straw in a hay barn in terms of positivity," said Ben le Brun, market analyst at OptionsXpress in Sydney.