Brent crude edged towards $67 a barrel on Monday, reversing earlier losses after weak Chinese data reinforced views that stimulus measures would be rolled out for the world’s second largest economy. China, the world’s second-largest oil consumer, posted its biggest drop in factory activity in a year to 48.9 in April, a private business survey showed on Monday. The sub-50 point level indicates a contraction compared with the previous month. The data came on the heels of a top government think tank’s forecast that China’s economic growth could slow further to 6.8 percent in the second quarter. “The Chinese data is weaker but it seems the oil market has had a limited reaction. What the market really wants to see is supply being cut to match the demand level,” said Ric Spooner, chief market analyst at Sydney’s CMC Markets. Oil supplies from the Organization of the […]