Crude dropped from a two-week high as Russian production climbed and new data on Chinese manufacturing signaled a slowdown in demand.
Futures fell 1 percent in New York. Russian oil output broke a post-Soviet record in October for the fourth time this year, while Iran said it will tell OPEC next month of its plans to raise production by 500,000 barrels a day. China’s purchasing managers index remained at 49.8 in October, the National Bureau of Statistics said Sunday, compared with an estimate of 50, the line between expansion and contraction.
West Texas Intermediate for December delivery fell 45 cents to settle at $46.14 a barrel on the New York Mercantile Exchange. The volume of all futures traded was 34 percent below the 100-day average at 2:45 p.m. Prices have decreased 13 percent this year.
Brent for December settlement dropped 77 cents, or 1.6 percent, to end the session at $48.79 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude closed at a $2.65 premium to WTI.