By BUSINESS REPORTER –
THE prices of oil on the international market slipped below $108 a barrel on Friday and were set for their first monthly drop in four with worries over faltering Chinese consumption outweighing other expectations.
Reuters reports that Brent crude, the international benchmark, was poised to slip by 2.6 per cent in January after data showed China’s fuel consumption rose at its slowest pace in over 20 years in 2013.
Drawing strength from a cold spell and an improving economy, the United Stated (US) futures contract was set to end little changed, narrowing the difference between the two.
Brent crude had slipped 28 cents to $107.67 a barrel by after closing 10 cents higher in the previous session.
Trade was thin with some Asian markets closed for the Lunar New Year holiday.
US oil dropped up 26 cents to $97.97.
The spread held near the lowest settlement price since November 7 2013.
Despite strong support, gains in the dollar may put pressure on oil over the next few days.
