Oil price dips below $100 on economic fears

The price of Brent crude oil has dropped below $100 per barrel for the first time since February.

Commodity markets, including oil, saw sell-offs owing to concerns about a slowdown in global economic growth.

Markets opened at $103.15 today, then dropped to $98.74, but the price has now risen to $101.18.

The Organization of the Petroleum Exporting Countries (Opec) confirmed that the average cost of crudes from its members has been falling in August as news about the global economy continues to deteriorate.

The basket was valued at $102.37 yesterday, down from $113.57 at the beginning of the month.