Crude
dropped from a two-week high as Russian production climbed and new data
on Chinese manufacturing signaled a slowdown in demand.
Futures
fell 1 percent in New York. Russian oil output broke a post-Soviet
record in October for the fourth time this year, while Iran said it will
tell OPEC next month of its plans to raise production by 500,000
barrels a day. China’s purchasing managers index remained at 49.8 in
October, the National Bureau of Statistics said Sunday, compared with an
estimate of 50, the line between expansion and contraction.
West
Texas Intermediate for December delivery fell 45 cents to settle at
$46.14 a barrel on the New York Mercantile Exchange. The volume of all
futures traded was 34 percent below the 100-day average at 2:45 p.m.
Prices have decreased 13 percent this year.
Brent
for December settlement dropped 77 cents, or 1.6 percent, to end the
session at $48.79 a barrel on the London-based ICE Futures Europe
exchange. The European benchmark crude closed at a $2.65 premium to WTI.
Source: Bloomberg
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