Brent crude dropped below $100 a barrel

Brent crude dropped below $100 a barrel for the first time since July on signs global economic growth will slow, curbing fuel use. West Texas Intermediate oil slipped to a four-month low on speculation U.S. stockpiles rose.

Brent futures touched $98 a barrel as the International Monetary Fund cut its global growth forecast and urged European policy makers to take action to bolster growth.

The global economy will expand 3.3 percent this year, less than the 3.5 percent forecast in January, after 3.2 percent growth in 2012, the Washington-based IMF said today, cutting its 2013 prediction a fourth consecutive time. The IMF sees the euro area shrinking 0.3 percent, compared with a 0.2 percent drop estimated in January, with France joining Spain and Italy in contracting.

The ZEW Center for European Economic Research in Mannheim, Germany, said its German index of investor and analyst expectations, which aims to predict economic developments six months in advance, fell to 36.3 from 48.5 in March. Economists surveyed by Bloomberg forecast a drop to 41.

Futures tumbled yesterday after data showed China’s economy expanded at a slower pace than expected last quarter.

A government report tomorrow will probably show that U.S. crude supplies gained 1.2 million barrels last week to 390.1 million, the highest level since July 1990, according to a survey.

Brent oil for June settlement fell $1.09, or 1.1 percent, to $99.54 on the London-based ICE Futures Europe exchange.

WTI crude for May delivery slipped 27 cents, or 0.3 percent, to $88.44 a barrel on the New York Mercantile Exchange. Prices fell as much as $2.65 to $86.06 earlier.