LONDON: Brent crude slid below US$100 a barrel yesterday for the first time in more than a year as Chinese and US data pointed to slower-than-expected growth in the world’s top oil consumers.
Weak economic growth combined with ample supply has pushed oil prices down from a high for the year of above US$115 in June, complicating efforts by central banks to ward off deflation and putting pressure on the budgets of major oil producers.
Brent fell to a low of US$99.36 a barrel, down US$1.46 and its lowest since May 1 2013, before recovering slightly to around US$95.50 by 1335GMT.
US crude tumbled US$1.40 to US$91.89 a barrel, after settling at US$93.29 on Friday for its sixth weekly drop in seven after disappointing US non-farm payrolls data cast doubt on the pace of growth in the world's biggest oil-consuming economy.
Yesterday’s price fall followed data showing China’s import growth fell unexpectedly for the second consecutive month in August, posting its worst performance in over a year as domestic demand faltered.
Reuters