Brent crude oil, the European benchmark, dropped on Monday to less than $100 for the first time in more than 14 months on a strong supply situation despite unrest in producer regions.
Brent hit $99.72 a barrel to record its lowest level since June 24, 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 June 19, 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.