Brent crude oil, the European benchmark, dropped today to under $100 for the first time in more than 14 months on a strong supply situation despite unrest in producer regions.
Brent hit $99.76 a barrel to record its lowest level since June 24, 2013 after coming under pressure in recent weeks also from easing expectations for growth of demand.
Brent has lost more than 13% of its value since June 19, when it reached a nine-month high point of $115.71 a barrel amid major unrest in key crude producer Iraq.
Analysts said oil was being pushed down in part by a resumption to production in Libya despite the country's unrest.
"On the supply side Libya, despite governmental chaos, has pushed production over 700,000 barrels per day and a stronger dollar is taking its toll on the demand side," they said.
A stronger US unit makes dollar-priced oil more expensive for buyers using weaker currencies, denting demand.
