WTI Falls to 2013 Low as China Slows, OPEC Output Rises

West Texas Intermediate dropped to the lowest price this year and headed for a second weekly decline as Chinese manufacturing expanded less than forecast and OPEC crude production rose for the first time in six months.

WTI fell below $91 a barrel in New York for the first time since Dec. 31. The Organization of Petroleum Exporting Countries raised output by 97,000 barrels to 30.7 million a day in February, a Bloomberg survey showed. China’s manufacturing purchasing managers index fell to 50.1 last month, compared with a median forecast of 50.5. Oil also fell as $85 billion of spending cuts were about to be triggered in the U.S.