Oil falls under $100, lowest in 14 months on weak data

Tuesday, 9 September 2014 00:01 - - {{hitsCtrl.values.hits}}

LONDON, Sept 8 (Reuters) - Brent crude slid below $100 a barrel on Monday for the first time in 14 months as Chinese and U.S. 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 above $115 hit 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 $99.72 a barrel, down $1.10 and its lowest since June 2013, before recovering slightly to trade around $100.00 by 1050 GMT. The benchmark fell $1.01 to settle at $100.82 a barrel on Friday, recording its third weekly drop in four. U.S. crude slipped 60 cents to $92.69 a barrel, after settling at $93.29 on Friday for its sixth weekly drop in seven after disappointing U.S. non-farm payrolls data cast doubt on the pace of growth in the world’s biggest oil-consuming economy. . The 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. It was the second straight month of weak import growth, raising concerns that tepid domestic demand exacerbated by a cooling housing market is increasingly weighing on the economy.

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