Brent oil drops below $80 a barrel for the first time since June

Brent crude It fell below $80 a barrel for the first time since June 10 on algorithmic trading and signs of weak demand from China, the world’s biggest oil importer.

Commodity trading advisers shed bullish positions after futures fell below key support levels. China posted its slowest economic growth in five quarters in the three months to June, and the International Energy Agency cited the slowdown as a major factor in weaker growth in global oil consumption.