The energy commodity dropped to its lowest value in almost three weeks after the People's Bank of China noted the nation should finesse its policies because of issues regarding risk with the banking system prompting an economic slowdown. China's manufacturing industry is poised to slip more rapidly than believed, a preliminary indicator noted last week.
"People are starting to fear the credit situation there," analyst Amrita Sen with Energy Aspects told The Wall Street Journal on Monday. "It's a very, very weak sentiment market and you're not going to get much positive [momentum] unless there's a sign of change in what Bernanke says or what China does."
At 11:04 a.m. on Monday, WTI crude oil futures moderately fell 0.05 percent, a nickel drop to $93.64 per barrel. Brent crude oil futures dove 0.77 percent, a 78-cent loss to $100.13 per barrel.
The International Energy Agency forecasts China to account for approximately 50 percent of this year's forecast 800,000-barrels-per-day rise in oil demand, The Wall Street Journal reports.
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