Brent Oil Below $100 on Falling Chinese Imports

Brent crude dropped to a 16-month low as falling Chinese imports bolstered concern that slower growth will worsen a global oil surplus. West Texas Intermediate slipped to the lowest level since January.

The European benchmark fell 0.6 percent while WTI decreased 0.7 percent. Total Chinese imports slumped 2.4 percent in August, data from the Beijing-based customs administration show. Economic growth in China, the biggest oil consuming country after the U.S., will drop to 7.4 percent this year, the weakest pace since 1990, according to economist estimates compiled by Bloomberg.

Brent has tumbled 13 percent since June 19 as economies from Europe to Asia show signs of slowing while oil output climbs. Oil markets in the U.S. and Europe face a glut amid constrained consumption and the recovery of supplies from Libya, the International Energy Agency, the Paris-based adviser to 29 nations, said last month.

Bloomberg

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