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 supply. West Texas Intermediate dropped to the lowest in almost eight months.
The global benchmark slipped as much as $1.10 a barrel in London as China’s purchases declined 2.4 percent in August, compared with a 1.6 percent drop in July, according to the Beijing-based customs administration. Libya hopes OPEC will act to curb further price declines, said a spokesman for state-run National Oil Corp.
“Demand fears will take some time to dissipate,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said by e-mail. “China’s slowing imports this morning did not help lift these concerns. The Atlantic basin supply glut is still in place.”
Brent for October settlement traded 80 cents lower at $100.02 a barrel on the London-based ICE Futures Europe exchange at 1:16 p.m. local time. It traded earlier at $99.72 a barrel, the lowest since June 24, 2013. The European benchmark was at a premium of $7.60 to WTI. It closed at $7.53 on Sept. 5.
WTI for October delivery lost as much as 95 cents, or 1 percent, to $92.34 a barrel in electronic trading on the New York Mercantile Exchange, the lowest since Jan. 14.
It is high time that CEB and CPC cut prices.
The global benchmark slipped as much as $1.10 a barrel in London as China’s purchases declined 2.4 percent in August, compared with a 1.6 percent drop in July, according to the Beijing-based customs administration. Libya hopes OPEC will act to curb further price declines, said a spokesman for state-run National Oil Corp.
“Demand fears will take some time to dissipate,” Andrey Kryuchenkov, an analyst at VTB Capital in London, said by e-mail. “China’s slowing imports this morning did not help lift these concerns. The Atlantic basin supply glut is still in place.”
Brent for October settlement traded 80 cents lower at $100.02 a barrel on the London-based ICE Futures Europe exchange at 1:16 p.m. local time. It traded earlier at $99.72 a barrel, the lowest since June 24, 2013. The European benchmark was at a premium of $7.60 to WTI. It closed at $7.53 on Sept. 5.
WTI for October delivery lost as much as 95 cents, or 1 percent, to $92.34 a barrel in electronic trading on the New York Mercantile Exchange, the lowest since Jan. 14.
It is high time that CEB and CPC cut prices.
