Crude declined for the
first time in four days as a measure of manufacturing activity signaled
contraction for a third straight month in China, the world’s
second-biggest oil consumer.
Futures retreated as
much as 0.8 percent in New York after advancing 4.5 percent last week.
China’s official 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. Iran will officially
inform other OPEC members of its plans to raise crude production at the
group’s Dec. 4 meeting, Oil Minister Bijan Namdar Zanganeh said in an
interview with the Mehr news agency.
Oil failed to sustain a
rally above $50 a barrel in October amid signs a global glut will be
prolonged as rising U.S. stockpiles keep supplies more than 100 million
barrels above the five-year seasonal average. The Organization of
Petroleum Exporting Countries continues to pump crude at a faster pace
than the limit the group has set for itself, with production near the
highest level since 2008. China stepped up monetary easing with its
sixth interest-rate cut in a year last month amid a slowing economy.
West Texas
Intermediate for December delivery lost as much as 38 cents to $46.21 a
barrel on the New York Mercantile Exchange and was at $46.21 at 8:02
a.m. Singapore time. The contract gained 53 cents to $46.59 on Friday,
the highest close since Oct. 16. The volume of all futures traded was
about 54 percent below the 100-day average. Prices have decreased 13
percent this year.
Brent for December
settlement slid 18 cents to $49.38 a barrel on the London-based ICE
Futures Europe exchange. Prices rose 3.3 percent last week. The European
benchmark crude traded at a premium of $3.13 to WTI.
Source: Bloomberg
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