The price of Brent crude declined below $100 a barrel for the first time since June 2013, amid slow economic growth in the US and China.

Reuters reported that Brent declined 33 cents to $99.87 a barrel while US crude increased 14 cents to settle at $92.80.

"Brent declined 33 cents to $99.87 a barrel while US crude increased 14 cents to settle at $92.80."

The expectations of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) come as Gulf Arab oil ministers are scheduled to gather on Thursday in Kuwait for a yearly meeting, which may include talks about the oil prices.

According to the news agency, top OPEC exporter Saudi Arabia and other OPEC members favour oil at $100 and prices are currently under pressure because of ample supplies. Some OPEC delegates believe the lower prices are only a short term solution.

A preliminary Reuters analysts’ survey found that US crude oil stocks likely declined by 1.5 million barrels in the week to 5 September.

The American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA) are scheduled to unveil weekly inventory reports on Tuesday and Wednesday.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Parliament of Iraq has given its approval for a new government led by Prime Minister Haider al-Abadi in order to save the country from collapse.

Meanwhile, Libya’s National Oil Corp said on Monday that oil production has increased to 740,000 barrels per day after the re-opening of various oil export ports.

The European Union has adopted new sanctions against Russia over the Ukraine crisis.

Defence Technology