(MENAFN- ProactiveInvestors - Australia) Oil prices have fallen on signs that economic growth may slow with the benchmark Brent Crude falling below US$100 a barrel for the first time since July 2012 and the West Texas Intermediate down to a four-month low.
Brent contract for June fell up to 2.6% to US$98 before recovering to US$99.18, down US$1.45, last night while the WTI for May fell as low as $86.06 a barrel before recovering to $88.33 a barrel, down $0.38.
Data showed that China's economy expanded at a slower pace than expected last quarter with gross domestic product up 7.7% on a year-to-year basis, down from 7.9% in the December 2012 quarter, while U.S. crude stockpiles are expected to increase this week.
Analysts polled by Bloomberg ahead of official data released later today estimate that U.S. crude stockpiles climbed by 1.5 million barrels to 390.4 million barrels, the highest since July 1990.
Conversely, gasoline and distillate stockpiles are expected to fall by about 800,000 barrels and 500,000 barrels respectively.
However, further declines to the Brent may be limited as there are indications that prices have fallen too quickly towards the long-term support along the 200-week average of around US$97.70.
Australian Oil and Gas
Unsurprisingly, Australian oil and gas stocks were down in trading today.
Woodside Petroleum (ASX: WPL) was down $0.36, or 1.02%, to $35.02, Santos (ASX: STO) was down $0.065, or 0.54%, to $12.065 and Oil Search (ASX: OSH) was down $0.055, or 0.76%, to $7.195.
This was partly offset by Origin Energy (ASX: ORG), which was up $0.015, or 0.12%, to $12.465 and Beach Energy (ASX: BPT), which was up $0.02, or 1.44%, to $1.405 on news that it had made another oil discovery in the Cooper Basin, South Australia. Â
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