Oil retreated from a 1-week high on contraction of Chinese manufacturing

On Monday, oil retreated from a 1-week high, as China witnessed an unexpected decrease in its manufacturing activity, raising speculations that the demand for fuel may fall. On the NYMEX, November delivery futures lost 93 cents, hitting a session low of $91.26, and subsequently consolidated at $91.97 by 9:01 a.m. in London.