Brent Oil Falls Below $100 for First Time Since October
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Brent crude tumbled below $100 a barrel for the first time in almost eight months, reaching a level targeted by Saudi Arabia’s oil minister, amid rising U.S. unemployment and slowing Chinese industrial growth.
Brent plunged to its lowest intraday level since February 2011, while in New York prices dropped to their lowest in almost eight months, as the dollar rose after data showed American employers in May added the smallest number of workers in a year and China’s manufacturing grew at the weakest pace since December. Saudi Arabian oil output advanced to the highest level since 1989, according to a Bloomberg survey.