Brent Oil down to 97.30 Before China Manufacturing Data

Brent crude declined for the third time in four days before manufacturing data from China, the world’s second-biggest oil consumer. West Texas Intermediate fell in New York.

Futures dropped as much as 0.5 percent in London. An index of China’s factory output probably was at 50 in September, a Bloomberg News survey showed before a preliminary reading from HSBC Holdings Plc tomorrow. That would be down from a reading of 50.2 for August. Libya was pumping 700,000 barrels a day of crude after production was cut at the Sharara field, according to National Oil Corp.

“There’s some downward momentum in the market’s outlook for the Chinese economy at the moment,” Ric Spooner, a chief strategist at CMC Markets in Sydney, said by phone today. “The news has been consistently weak recently.”

Bloomberg

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