Crude Oil Declines on China, U.S. Slowdown as IEA Sales Begin
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Oil declined, trimming the biggest weekly gain in almost three months, as signs of slowing manufacturing growth in China and the U.S., the world’s biggest energy users, stoked speculation fuel demand may falter.
Futures slipped as much as 1.3 percent, their first decline in four days, after China’s Purchasing Managers’ Index fell to the lowest since February 2009. A U.S. report today may show a slowdown in factory activity. Prices also slid as OPEC boosted supplies and the U.S. offered 30 million barrels of oil from strategic reserves under an International Energy Agency plan to stabilize prices.