Oil Falls to One-Month Low on China Manufacturing, Europe Debt

Oil fell to the lowest level in a month as Chinese manufacturing contracted and negotiations to resolve Greece’s debt crisis entered a third day, fanning concern that Europe’s economy will slow.

Oil declined 1.9 percent as the preliminary January reading of a Chinese purchasing managers’ index showed the country’s manufacturing declined for a third month. The euro weakened as talks in Athens on debt swaps resumed. Prices extended losses after sales of previously owned U.S. homes grew less than expected.