Oil started the week in the red as strikes at U.S. refineries and sluggish manufacturing data from China fueled fears of a demand slowdown. On the New York Mercantile Exchange, light, sweet crude futures for March delivery traded down 2.3% at $47.11 a barrel. Brent crude for March delivery fell 2.1% to $51.89 a barrel on London’s ICE Futures exchange. Workers represented by the United Steelworkers union at U.S. refineries that produce nearly 10% of the nation’s gasoline, diesel and other fuels went on strike Sunday after contract negotiations broke down over salaries and safety concerns. The union said the strike affects 3,800 workers. Oil refiners like Royal Dutch Shell PLC., Tesoro Corp. , Marathon Petroleum Corp. and LyondellBasell Industries said they would keep plants operating under contingency plans. The news fueled concerns that any reduction in refining capacity could cut consumption and allow supplies to build even more […]