Millennium Post

Brent oil price dips under $100 for 1st time in over14 months

Brent hit $99.72 a barrel to record its lowest level since 24 June, 2013 after coming under pressure in recent weeks also from easing demand growth expectations.

The price of Brent has fallen by more than 13 per cent since 19 June, when it reached a nine-month high point of $115.71 a barrel amid major unrest in key crude producer Iraq.

In midday deals, Brent North Sea crude for delivery in October had recovered to stand at $100.10 a barrel, down 72 cents compared with Friday's close.

US benchmark West Texas Intermediate for October dropped 54 cents to $92.75 a barrel.

Lower oil prices benefit companies and households while impacting revenues for producer countries, including those who together comprise the OPEC cartel.

Saxo Bank analyst Ole Hansen said Chinese data had helped to push oil prices lower. 'China's crude imports for August showed a year-on-year decline while export of fuel exceeded imports for the fourth time this year. This is adding to the current negative sentiments which continue to be driven by rising supplies at a time of slowing seasonal demand,' he added.
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