Traders said that world oil prices dropped under $100 a barrel, drag on hefty losses on mounting concerns that slowing global growth could dampen energy demand
Traders said that world oil prices dropped under $100 a barrel, drag on hefty losses on mounting concerns that slowing global growth could dampen energy demand.
London's Brent North Sea crude for delivery in May fell to $99.91 per barrel, down 39 cents. It earlier settled down as low as $98.99.
New York's main oil contract, light sweet crude for May, lost 72 cents to reach $100.88 per barrel after earlier downturn as low as $99.55.
New York crude had fallen by $4.04 and London Brent had plunged by $3.47 yesterday.
Crude oil prices have slipped since Friday when the US government announced that the world's largest economy grew by a tepid 0.6 per cent in the fourth quarter last year. Economic momentum slowed despite the US Federal Reserve's interest rate cuts.
Since September, Fed policymakers have slashed the short-term federal funds rate to 2.25 per cent from 5.25 per cent in a bid to shore up growth.
