Crude oil prices dropped on Friday in the wake of disappointing Chinese trade data and a downgrade of crude demand growth by the International Energy Agency.
New York's main contract, WTI light sweet crude for September delivery, fell below the $92 level before rebounding to close down 49 cents from Thursday at $92.87 a barrel.
In London, Brent North Sea crude for September slid 27 cents to $112.95.
"The dip in price was triggered by weaker Chinese import data," said Commerzbank analyst Carsten Fritsch.
China's exports and imports slowed for the second consecutive month in July, adding to concerns that China's economy is still losing steam.
"The economic data out of China certainly has been bearish... it's not good news and has prompted equities and oil futures to move down," said Victor Shum of Purvin and Gertz energy consultants in Singapore.
The International Energy Agency meanwhile said faltering economic growth would undercut global oil demand this year and next.
"Sluggish economic growth could restrict annual oil demand growth to 0.9 million barrels per day in 2012 and 0.8 mbpd in 2013, with demand averaging 89.6 mbpd and 90.5 mbpd," the IEA said in its latest Oil Market Report.
Last month's estimates were 89.9 mbpd and 90.9 mbpd, respectively.
The IEA highlighted slower demand growth in the United States and China, which together account for a third of the global market, as well as slight technical changes to its forecasts.
The drop in oil prices Friday comes after they hit a three-month high Thursday -- at $113.52 a barrel in London -- on a buoyant US jobs report, new OPEC data and some positive figures out of China, traders said.
New York hit a three-month peak of $94.72 Wednesday.
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