Brent Drops for First Time in Four Days on European Woes

Brent crude fell for the first time in four days as euro-area services and manufacturing output contracted for a 15th month in April. Goldman Sachs Group Inc. cut its 2013 Brent forecast by $5 a barrel to $105.

Futures dropped as much as 1.6 percent in London as a Purchasing Managers’ index held at 46.5, Markit Economics said. That was in line with economists’ forecasts in a Bloomberg News survey. A reading below 50 indicates contraction. Earlier, the PMI index on China came in at 50.5, below analysts estimates, raising speculation that consumption will falter in the world’s second-biggest crude user.