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Message: <blockquote data-quote="ibnanv" data-source="post: 17112087" data-attributes="member: 218596">Brent crude fell below $100 a barrel for the first time since June 2013 as a slowdown in imports into <a href="http://topics.bloomberg.com/china/" target="_blank">China</a> 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 <a href="http://topics.bloomberg.com/london/" target="_blank">London</a> 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,” <a href="http://topics.bloomberg.com/andrey-kryuchenkov/" target="_blank">Andrey Kryuchenkov</a>, 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 <a href="http://topics.bloomberg.com/europe/" target="_blank">Europe</a> 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 <a href="http://topics.bloomberg.com/new-york/" target="_blank">New York</a> Mercantile Exchange, the lowest since Jan. 14. It is high time that CEB and CPC cut prices. </blockquote>

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