Oil price drops below $100

The oil price has fallen below $100 a barrel for the first time in 16 months, raising the prospect of cheaper prices at the pump. Brent crude, the most closely-watched benchmark, hit $99.95 in trading on Monday morning, following disappointing Chinese economic data. Although Chinese exports rose by 9.4pc on a year-by-year basis in August, imports fell 2.4pc, in a further sign of a potential economic slowdown in the world's second biggest economy. This sent the oil price falling by more than 1pc to a low of $99.76. It last traded below $100 a barrel in June 2013. As recently as June, brent crude had traded above $115, according to telegraph.com