High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/6ed7b4a4-47eb-11e5-af2f-4d6e0e5eda22.html#ixzz3jRwNMSHV Oil resumed its slide on Friday after Chinese data showed a contraction in factory activity that rippled through global stock markets. US benchmark crude was primed for its eighth straight weekly decline, its longest losing streak in almost 30 years. China’s manufacturing sector shrank by the most in six and a half years, adding to fears of economic malaise in the world’s biggest oil consumer. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/6ed7b4a4-47eb-11e5-af2f-4d6e0e5eda22.html#ixzz3jRwR5Bve China has sent shockwaves through global markets and raised numerous questions on the outlook,� said analysts at Société Générale who forecast a “prolonged period of weaker growth in a number of the major emerging markets�. European equity markets opened sharply lower following a steep sell-off in Asian stocks and emerging Asian currencies. “The sour mood was largely mirrored on the oil markets with speculation of easing global demand weighing on the complex,� said David Hufton at London-based oil broker PVM. Brent crude, the global oil benchmark, was on track for its seventh weekly loss out of eight — down almost 6 per cent. On Friday it dropped as much as 62 cents to $46 a barrel in early trading to its lowest level since mid-January. Its US counterpart West Texas Intermediate is set for its longest stretch of weekly losses since 1986 — down 4.5 per cent. In early trading WTI fell 49 cents to $40.65 a barrel, hovering near six and a half year lows. Data this week showed US crude inventories continued to rise last week. Oil market participants were already on alert after the breakdown of a large crude processing unit at an Indiana refinery.

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