WTI falls to lowest this year
West Texas Intermediate dropped to the lowest price this year and headed for a second weekly decline as Chinese manufacturing expanded less than forecast and OPEC crude production rose for the first time in six months. Futures slid as much as 0.8 percent to $91.34 a barrel in New York, the lowest intraday price since Dec. 31. Output from the Organization of Petroleum Exporting Countries gained 97,000 barrels to an average of 30.7 million a day in February, a Bloomberg survey showed. China's manufacturing purchasing managers index fell to 50.1 last month, compared with a median forecast of 50.5. "There are worries about slower growth in China," said Robert Montefusco, a senior broker at Sucden Financial Ltd. in London.