May 2 (Bloomberg) -- Oil dropped from the highest since September 2008 in New York on signs China's economic growth may moderate, tempering fuel demand in the world's second biggest crude-consuming nation. Futures fell as much as 0.8 percent after a Chinese manufacturing index declined more than forecast in April. Asian oil demand growth will slow in the second half of this year as fuel prices hurt consumers, JPMorgan Chase & Co. said April 28. Crude advanced 6.8 percent last month, capping the longest monthly rising streak on record. "Things are slowing down in the growth economies and that should also slow the consumption of crude," Jonathan Barratt, managing director of Commodity Broking Services Pty in Sydney, said by telephone today. Crude for June delivery slipped as much as 93 cents to $113 a barrel in electronic trading on the New York Mercantile Exchange, and was at $113.38 at 10:05 a.m. Sydney time. The contract rose $1.07, or 1 percent, to $113.93 on April 29, the highest settlement since Sept. 29, 2008. Prices are 31 percent higher the past year. Stock markets are closed in China, Hong Kong, Malaysia and Singapore today for a holiday. Brent crude for June settlement slid 38 cents, or 0.3 percent, to $125.51 a barrel on London's ICE Futures Europe exchange. The contract advanced 87 cents, or 0.7 percent, to close at $125.89 on April 29. The European benchmark traded at a premium of $11.96 a barrel to U.S. futures on April 29. The difference between front-month contracts in London and New York surged to a record $19.54 on Feb. 21. The spread averaged 76 cents last year. China's Purchasing Managers' Index fell to 52.9 from 53.4, the logistics federation and statistics bureau said in an e-mail yesterday. That was below a median forecast of 53.9 in a Bloomberg News survey of 20 economists.

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