Brent Oil Around $102.50 Amid OPEC Expansion

Brent crude extended a two-month slide as OPEC’s production was seen increasing and manufacturing gauges in Europe and China missed estimates. West Texas Intermediate fell in New York.

Futures slid as much as 0.6 percent in London, having retreated more than $9 in July and August. The Organization of Petroleum Exporting Countries boosted output by 891,000 barrels a day to 31 million in August, the highest level in a year, estimates compiled by Bloomberg show. Purchasing Manufacturing Indexes for Germany, Italy, the U.K. and China all came in below estimates for August. Floor trading in the U.S. is closed for the Labor Day holiday today.

“Those disappointing PMI numbers are helping push oil prices lower,” Michael Hewson, a London-based analyst at CMC Markets Plc, said by e-mail. “Lower demand against expectations of higher production is helping cap the upside.”

Bloomberg

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