Brent Crude Falls Below $100 on Oversupply Risk as China Slows

Brent crude fell below $100 a barrel for the first time in a month and WTI declined as signs of a slowing Chinese economy and OPEC’s decision to maintain production boosted speculation supply will outstrip demand.

Brent slid as much as 0.7 percent to $99.67 a barrel, while WTI dropped as much as 0.8 percent. Chinese manufacturing indexes showed small businesses struggling, sapping momentum in the economy of the world’s second-biggest oil user. The Organization of Petroleum Exporting Countries maintained its output ceiling of 30 million barrels a day at a meeting in Vienna on May 31. Crude inventories in the U.S., the world’s biggest consumer of the commodity, are at the highest since at least 1931.