LONDON: Brent crude plummeted to the lowest level in two years as China’s industrial output stretched at the weakest pace.
Futures slid as much as 0.9 per cent in London. Factory production in China, the world’s second-biggest oil consumer, rose 6.9 per cent from a year earlier in August. Crude output in Libya increased to 870,000 barrels a day.
Brent for October settlement, which expires on Monday, fell as much as 90 cents to $96.21 a barrel, the lowest since July 2, 2012, on the London-based ICE Futures Europe exchange.
It traded 32 cents lower at $96.79 as of 11:16am local time. The more active November contract slid 29 cents to $97.67. The European benchmark crude was at a premium of $5.35 to WTI, having settled at $4.84 on September 12.