West Texas Intermediate crude fell to almost a three-week low on speculation that a cash crunch may restrain economic growth in China, the world’s biggest energy-consuming country.

WTI futures dropped as much 1.1 percent in New York while Brent oil traded in London dipped below $100. The People’s Bank of China said the nation should fine-tune its policies as a squeeze in the banking system risks exacerbating a slowdown.

China’s manufacturing will shrink at a faster pace this month, a preliminary indicator showed last week. The country is also the world’s second-largest oil consumer, accounting for 11 percent of global demand in 2012, according to BP Plc (BP/)’s Statistical Review of World Energy. The U.S. is the biggest user at 21 percent.

WTI crude for August delivery declined 50 cents, or 0.5 percent, to $93.19 a barrel at 9:18 a.m. on the New York Mercantile Exchange. Futures fell as much as $1.02 to $92.67 a barrel, the lowest level since June 4. The volume of all futures traded was 8 percent below the 100-day average.

Brent oil for August settlement declined 80 cents, or 0.8 percent, to $100.11 a barrel on the London-based ICE Futures Europe exchange. Volume for all contracts was 5 percent lower than the 100-day average.