Oil headed for its biggest quarterly drop since the 2008 financial crisis as signs of slowing growth in China and Germany heightened concerns that fuel demand will suffer. Futures have fallen 13 percent this quarter in New York, the biggest drop since the three months ended Dec. 31, 2008. Chinese manufacturing fell for a third month, data from HSBC Holdings Plc showed today, while Germany’s Federal Statistics office said retail sales declined the most in more than four months in August. “There is a risk of slowdown in Chinese demand as well,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, who forecasts Brent prices at $100 in the next quarter. “The risks to the forecast in the fourth quarter and for 2012 as a whole are to the downside.” Crude for November delivery gained as much as $1.09, or 1.3 percent, to $83.23 a barrel in electronic trading on the New York Mercantile Exchange and was at $82.44 at 39:17 a.m. London time. Oil is down 7.2 percent this month. Brent oil for November settlement rose 39 cents, or 0.4 percent, to $104.34 a barrel on the London-based ICE Futures Europe exchange. Prices are down 7.2 percent this quarter. The European benchmark contract was at a premium of $21.90 to West Texas Intermediate futures. To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net

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