 "Brent crude oil falls below $100 for first time in 14 months")
Brent crude fell below $100 a barrel for the first time since June 2013, as a slowdown in imports into China reinforced signs of surplus oil supply. West Texas Intermediate dropped to the lowest in almost eight months.
The global benchmark slipped as much as $1.10, or 1.1 per cent, to $99.72 a barrel in London. The last time it traded below $100 was June 24, 2013. China's purchases declined 2.4 per cent in August, compared with a 1.6 per cent drop in July, data from the Beijing-based customs administration show. Chinese exports rose by 9.4 per cent.
Oil markets in the US and Europe face a glut amid constrained consumption and the recovery of supplies from Libya, according to the International Energy Agency, the Paris-based adviser to 29 nations. Growth in China, the world's second- biggest oil consumer, will drop to 7.4 per cent this year, the weakest pace since 1990, according to economist estimates compiled by Bloomberg. It will slide to 7.2 per cent in 2015.
Property Slump
In China, imports fell for a second month as a property slump hurt domestic demand. The trade surplus climbed to a record of $49.8 billion in August as exports rose on the back of increased shipments to the US and Europe.
The 2.4 per cent drop in imports compares with an estimate for a 3 per cent increase. Exports increased 9.4 per cent from a year earlier, the Beijing-based customs administration said today, compared with the 9 per cent median estimate in a Bloomberg survey.
The global benchmark slipped as much as $1.10, or 1.1 per cent, to $99.72 a barrel in London. The last time it traded below $100 was June 24, 2013. China's purchases declined 2.4 per cent in August, compared with a 1.6 per cent drop in July, data from the Beijing-based customs administration show. Chinese exports rose by 9.4 per cent.
Oil markets in the US and Europe face a glut amid constrained consumption and the recovery of supplies from Libya, according to the International Energy Agency, the Paris-based adviser to 29 nations. Growth in China, the world's second- biggest oil consumer, will drop to 7.4 per cent this year, the weakest pace since 1990, according to economist estimates compiled by Bloomberg. It will slide to 7.2 per cent in 2015.
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WTI for October delivery lost as much as 95 cents, or one per cent, to $92.34 a barrel in electronic trading on the New York Mercantile Exchange, the lowest since January 14.
Property Slump
In China, imports fell for a second month as a property slump hurt domestic demand. The trade surplus climbed to a record of $49.8 billion in August as exports rose on the back of increased shipments to the US and Europe.
The 2.4 per cent drop in imports compares with an estimate for a 3 per cent increase. Exports increased 9.4 per cent from a year earlier, the Beijing-based customs administration said today, compared with the 9 per cent median estimate in a Bloomberg survey.