Oil futures were trading lower in London Monday, continuing a price drop that began Friday, after poor economic data called China’s recovery into question. Brent crude on the ICE futures exchange was down 55 cents, or 0.5%, at $105.85 a barrel. Light, sweet crude for March delivery was down 48 cents, or 0.5%, at $97.01 a barrel on the New York Mercantile Exchange. Official Chinese Manufacturing PMI for January came in at a six-month low. The dip in fortunes for one of the world’s biggest manufacturers and oil consumers reinforcing concerns about the slowing growth, said JBC Energy. “Only the gloomiest of commentators would have predicted such a traumatic beginning to the year,” said David Hufton, a market analyst at oil brokerage PVM. One cause might be Federal Reserve tapering, but PVM said this was well signaled and that a further $10 billion cutback was “priced in” to oil’s […]