WTI Caps Weekly Drop as China Cuts Manufacturing

West Texas Intermediate crude fell, capping the first weekly drop in more than a month, on speculation that China’s plans to cut excess manufacturing capacity will reduce fuel consumption.

Futures slid 0.7 percent after China ordered more than 1,400 companies in 19 industries to cut excess production capacity this year, part of efforts to shift toward slower, more-sustainable economic growth. WTI reached $109.32 a barrel on July 19, the highest level since March 2012, on signs the U.S. economy is rebounding and on declining crude supplies.