Oil Drops Fifth Day in Six as China Slowdown Seen Hurting Demand
- OPEC trims estimates for rivals' output as shale boom reels
- WTI, Brent contract spread narrows to least since January
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Oil dropped in New York for the fifth time in six days as concern that China’s slowdown will deepen added to worries that the global oversupply will continue through most of next year.
West Texas Intermediate futures declined 1.4 percent. China’s industrial output missed economists’ forecasts and investment in the first eight months rose at the slowest pace since 2000, data showed this weekend. The spread between WTI and Brent slipped to the least since Jan. 22 as Morgan Stanley analysts led by New York-based Adam Longson said U.S. oil market fundamentals are healthier than elsewhere.