Oil tumbled by $1 on Monday, with Brent sliding below $100 a barrel for the first time in more than a year and West Texas Intermediate tumbling to near its lowest of 2014, 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 crude fell nearly $1 to $100, rebounding slightly from an earlier low of $99.36 a barrel, its lowest since May 1, 2013. U.S. crude fell 63 cents to settle at $92.66 a barrel, its weakest close since January 14. Disappointing U.S. nonfarm payrolls data cast doubt on the pace of growth in the world’s biggest oil-consuming economy.