NEW YORK: Brent crude fell below $100 a barrel for the first time in nine months in heavy trading yesterday, extending losses triggered by data from China and the United States that suggested little growth in global oil demand.
Both Brent and US crude pared losses in afternoon trading after each fell more than $2 earlier, suggesting the low prices could be luring back traders, analysts said.
US RBOB petrol edged up slightly, turning a corner after four consecutive days of losses. Prices of Brent crude oil have fallen in 9 of the past 11 trading sessions, down nearly 13 percent from the beginning of the year.
Brent crude for June delivery settled down 72 cents at $99.91 per barrel after dropping to $98, the lowest level since July 2012. US crude for May delivery settled up 1 cent at $88.72 a barrel after hitting a low of $86.06, its weakest since December 2012.
Reuters
