Brent Trades Near Three-Week Low on China Growth Concern

Brent crude traded near its lowest level in three weeks after slipping below $100 a barrel amid speculation that a cash crunch may restrain economic growth in China, the world’s largest energy user.

Brent was little changed, having slumped 4.7 percent last week, the biggest loss since April. The People’s Bank of China said the nation should fine-tune its policies as a cash squeeze in the banking system risks exacerbating an economic slowdown. The U.S. and 10 other countries pledged June 22 to increase support for rebel forces in Syria. Hedge funds and other large speculators boosted net-long positions in Brent and West Texas Intermediate crude last week.