Oil dropped below $30 a barrel in New York after U.S. crude stockpiles rose to the highest level in more than eight decades.
West Texas Intermediate oil lost 3.7 percent, eroding a weekly gain. U.S. supplies expanded to 504.1 million barrels, the highest level since 1930, according to the Energy Information Administration. Saudi Arabia and Russia have proposed freezing output amid a worldwide surplus. Iraq said Thursday it backs any decision to support prices and balance the market without indicating whether it would cap its own output.