Brent Oil Drops to $100 on Demand Woes

Brent crude fell to its lowest level in 15 months on Tuesday, pressured by the prospect of slowing oil demand growth in China and Europe, while a strong dollar and ample supplies pressured U.S. oil prices.

Oil prices on both sides of the Atlantic have been in steady decline since the end of June as concerns faded over supply disruptions from Iraq, Libya and Russia. Continued supply from key producing regions and tepid demand has left global markets well stocked.

Brent crude for October delivery fell $2 to near $100 a barrel, after earlier hitting $100.67, the lowest since May 31, 2013. U.S. crude dropped by $3.08 to settle at $92.88 a barrel.

CNBC

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