West Texas Intermediate crude fell on speculation that weakening manufacturing from Germany to China will cap demand for oil. Brent was steady in London.
Futures dropped as much as 0.5 percent in New York from the Aug. 29 close. Floor trading in the U.S. was closed for the Labor Day holiday and transactions will be booked with today’s for settlement purposes. Purchasing Manufacturing Indexes for Germany, Italy, the U.K. and China all came in below estimates for August. Brent slid yesterday as OPEC production rose to a one-year high last month.
WTI for October delivery lost 20 cents to $95.76 a barrel in electronic trading on the New York Mercantile Exchange at 10:04 a.m. Sydney time. Prices decreased 2.3 percent last month and are 2.7 percent lower this year.