Oil falls under $100, lowest in 14 months

LONDON, Sept 8 (Reuters): Brent crude oil fell below $100 a barrel for the first time in 14 months on Monday as Chinese and U.S. data pointed to slower-than-expected growth in the world's top oil consumers.
Weak economic growth combined with ample supply has pushed oil prices down from a high for the year above $115 hit in June.
Saudi Arabia and other OPEC producers have said they prefer oil above $100. Prices below this level will put pressure on the budgets of many exporters, and could encourage some producers to pump less in an attempt to support the market.
Brent fell to a low of $99.76 a barrel, down $1.06 and its lowest since June 2013, before recovering slightly to trade around $99.95 by 0845 GMT. The benchmark fell $1.01 to settle at $100.82 a barrel on Friday, recording its third weekly drop in four.
U.S. crude slipped 60 cents to $92.69 a barrel after settling at $93.29 on Friday for its sixth weekly drop in seven.
The price fall followed data showing China's import growth fell unexpectedly for the second consecutive month in August, posting its worst performance in over a year as domestic demand faltered.
It was the second straight month of weak import growth, raising concerns that tepid domestic demand exacerbated by a cooling housing market is increasingly weighing on the economy.
"The Chinese data, with imports showing disappointing results, indicates the domestic economy remains quite weak," said Victor Shum, senior partner at oil consultancy Purvin & Gertz.
Brent and U.S. crude futures both fell on Friday after U.S. non-farm payrolls rose by just 142,000 in August, well below a forecast 225,000, casting doubt on the pace of growth in the world's biggest oil-consuming economy.