BLBG:Crude Declines for First Day in Three on Signs China Manufacturing Shrank
Oil fell in New York for the first day in three after a report showed China’s manufacturing may have contracted in July.
Crude for September delivery slid as much as 0.3 percent today after gaining as much as 0.4 percent. The contract was at $98.11 a barrel, down 29 cents, in electronic trading on the New York Mercantile Exchange at 11.01 a.m. Singapore time. It earlier rose as much as 43 cents to $98.83 a barrel.
Preliminary data for a purchasing managers’ index by HSBC Holdings Plc and Markit Economics showed the gauge fell to 48.9 this month from a final reading of 50.1 in June. The data suggest China’s manufacturing contracted for the first time in a year.
To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net
