Oil rally falters on new concern over deteriorating industrial activity in China

Oil’s longest rally this year faltered on signs industrial activity in China is deteriorating, potentially hurting demand as the Organization of Petroleum Exporting Countries (Opec) pumps record amounts of crude.

Futures fell as much as 5.2% in New York.

China’s purchasing managers index dropped in January to a three-year low, with the official factory gauge signalling contraction for a record sixth month.