The global benchmark slipped as much as $1.10, or 1.1 percent, to $99.72 a barrel in London. The last time it traded below $100 was June 24, 2013. China's purchases declined 2.4 percent in August, compared with a 1.6 percent drop in July, data from the Beijing-based customs administration show. Chinese exports rose by 9.4 percent.
Oil markets in the U.S. and Europe face a glut amid constrained consumption and the recovery of supplies from Libya, according to the International Energy Agency, the Paris-based adviser to 29 nations. Growth in China, the world second-biggest oil consumer, will drop to 7.4 percent this year, the weakest pace since 1990, according to economist estimates compiled by Bloomberg. It will slide to 7.2 percent in 2015.