Tuesday 16 April 2013

Brent crude oil drops below $100 a barrel

The price of Brent crude oil dropped below $100 per barrel overnight in London for the first time since July.

Brent crude sets the bar for around half of the world’s oil prices. It slipped down to $98.90 in the early hours of this morning, falling as much as much as $1.73, or 1.7%, according to Bloomberg. Briefly climbing back above $100 this morning, the price has yet to settle.

The drop comes after a slow slide over the last couple of days and was put down to weak signs of economic growth in the United States and China. It was reported last week the International Monetary Fund will trim its economic forecast for global growth in its upcoming report.