Brent crude oil prices have dropped to under $108 per barrel after data was released showing weak industrial production and retail sales in China, the world's second-largest oil consumer, sparking fears of a slowdown in the Chinese economy.

Currently crude oil is trading at about $107.70 a barrel.

The price of crude oil had previously gone up to $108.27 from $107,59 a barrel after OPEC, the body which controls 75 percent of the world's oil supply, upgraded its forecast saying it expected oil consumption to rise to 1.14 million barrels per day in 2014, a rise of 50,000 barrels on its previous estimate and added that the world would need 91.1 million barrels per day of oil this year.

However, the price of U.S. West Texas crude oil dipped under $100 a barrel after the U.S. Energy Department said that the country would hold the first test sale of crude from its emergency oil stocks since 1990 and analysts have said crude oil prices could possibly sink to $96.5 if the uncertainty over China's economy continues and the situation in Ukraine continues.

China's industrial production only rose 8.6 percent and the country´s retail sales only increased 11.8 percent for the combined 2014 January and February period compared to the same period in 2013 when China's industrial output growth was 9.9 percent and its retails sales increased by 12.3 percent.