Oil prices drop after China manufacturing report

Oil prices dropped Monday after disappointingmanufacturing report on China raised concerns about crude demand,overshadowing worries about growing violence in the Ukraine crisis.The US benchmark, West Texas Intermediate (WTI) for June delivery, finished at$99.48 a barrel, down 28 cents from Friday’s close.Brent North Sea crude for June fell 87 cents to settle at $107.72 in London.Oil futures were under pressure after HSBC’s survey showed China’s manufacturingsector contracted for a fourth consecutive month in April.The Chinese data was worse than expected and increased concerns that China’seconomic slowdown is expanding. China is the second largest energy consumerafter the US.