Brent at Three-Week Low as China Manufacturing Shrinks

Brent crude dropped for a third day, to its lowest intraday price in three weeks as manufacturing in China shrank and U.S. gasoline stockpiles increased.

Futures slid as much as 1.5 percent in London to the lowest since May 2. A preliminary reading of China’s Purchasing Managers Index dropped to 49.6 for May, the least since October and missing estimates. Gasoline inventories rose 3 million barrels last week, the Energy Information Administration reported yesterday. Federal Reserve Chairman Ben S. Bernanke signaled the central bank may reduce monthly bond purchases.