Oil dropped from the highest closing price in three days in New York after a report showed that Chinese consumption growth is slowing.
Futures slid as much as 0.9 percent as Chinese customs data showed the country’s apparent oil demand dropped to the lowest level since October. A separate report indicated Chinese manufacturing may shrink for a sixth month. Goldman Sachs Group Inc. closed a recommendation to trade the difference between two futures contracts in New York.
“Negative data from China is contributing to oil’s weakness today,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London, who correctly predicted Brent’s advance to $120 a barrel earlier this year. “Brent has slipped into a lower range.”
Crude for June delivery fell as much as 90 cents to $102.98 a barrel in electronic trading on the New York Mercantile Exchange and was at $103.10 at 11:23 a.m. London time. The contract climbed 1.1 percent to $103.88 on April 20, the highest close since April 17.