The price of oil dropped below $99 a barrel Wednesday as the possibility of a deeper economic slowdown in China fed expectations of weaker demand, AP reported. Benchmark U.S. crude for April delivery was down $1.34 to $98.70 at 1030 GMT in electronic trading on the New York Mercantile Exchange. The contract dropped $1.09 to close at $100.03 a barrel Tuesday. China's lower exports in February have fueled worries of a further slowdown in the world's second-largest economy, which would tamp down demand for energy. China's economic growth of 7.7 percent last year was the lowest in two decades. Brent crude, used to set prices for international varieties of crude, was down 65 cents to $107.23 on the ICE exchange in London.
