Also driving down the price of the energy commodity were minimized acquisitions effected by China, the globe's second largest consumer of oil. The U.S. is the world's largest consumer of oil.
The government of Norway intervened in the dispute and demanded compulsory arbitration, which staved off the workers' planned walkout at midnight on Tuesday.
"The end of the strike in Norway and lower imports by China are weighing on oil prices today, while in the background the Europe crisis is unresolved," states a Tuesday email penned by senior broker Robert Montefusco with Sucden Financial in London to Bloomberg. "Unless we get more stimulus from China, it looks like Brent will test $95 again."
At 10:11 a.m. on Tuesday, crude oil futures fell 1.47 percent, a $1.47 loss to $98.85 per barrel.
The Wall Street Journal reports the energy commodity's drop below the $100-per-barrel-mark was also linked with underwhelming trade data for June issued by China.
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