Oil Price Dips on Weak China Trade Data

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Oil prices dropped below $99 a barrel Tuesday as China's economic growth shows real signs of slowing down.

China's import growth plunged in June to the lowest this year from a record high the previous month. Export growth also declined.

Global oil consumption is expected to be weaker, as China accounted for more than half the world's oil demand growth last year.

As the world's second-largest economy, China's slowing demand for crude and other commodities are also adding to concerns about deteriorating global economic conditions.

China is expected to release its second quarter GDP data later this week. It's projected to show the lowest growth in at least three years.

Also weighing in on the oil price fall is the resumption of oil production in Norway after a two week strike.

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