Oil prices have fallen below $100 a barrel for the first time in the past 14 months. Reports on Monday September 8 indicate that Brent North Sea Crude oil is now priced at $99.95 a barrel.
The fall in oil prices follow a decline in China’s oil imports in recent months. Slow economic growth and high oil production have led to a general fall in the demand for crude on the international market. Since June 2013, when oil prices were at $115 a barrel, the prices have been on a downward slide.
U.S. crude oil has also fallen to $92.69 a barrel during a six-week period of decline.
The fall in oil prices could seriously affect the budget of OPEC members. The Saudi representative in OPEC has predicted, however, that the oil prices will remain below $100 only temporarily.