MOSCOW, September 10 (RIA Novosti) - The price of North Sea oil has dropped below $100 per barrel as a result of concerns about a slowdown in global economic recovery alongside high levels of output from Middle Eastern producers, news website Express reported Wednesday.
Brent Crude slid down to $99.47 per barrel, which can be attributed to a slowdown in the Chinese economy and the fact that violence in the Middle East has not inflicted as much damage to supplies as previously feared.
Some international traders have decided to take advantage of low prices and keep oil in ships, creating a growing flotilla of storage vessels.
Arab oil ministers are to hold their annual meeting on September 11 in Kuwait where they are expected to discuss how to keep prices above $100, raising the prospect of cuts in production.
The British pound dropped to a 10-month low against the dollar, falling below $1.61, and weakened against the euro, decreasing below 1.25 euros. Uncertainty about the Scottish independence also played its part in weighing on the pound.
The Scottish independence referendum is expected to take place on September 18 and will determine whether Scotland will become an independent state. UK Prime Minister David Cameron assured the Scottish public that within the structure of the UK, Scotland would be granted more autonomous power, while separating from England, Wales and Northern Ireland would be a "leap into the dark."
