Crude declined from its highest closing level in two weeks as a measure of manufacturing activity signaled contraction for a third straight month in China, the world’s second-biggest oil consumer. Futures lost 1.2 percent in New York. China’s official purchasing managers index remained at 49.8 in October, the National Bureau of Statistics said Sunday, compared with an estimate of 50, the line between expansion and contraction. Russian oil production broke a post-Soviet record in October for the fourth time this year. while Iran said it will tell OPEC next month of its plans to raise output by 500,000 barrels a day. Oil failed to sustain a rally above $50 a barrel in October amid signs of a prolonged global glut as rising U.S. stockpiles keep supplies more than 100 million barrels above the five-year seasonal average. The Organization of Petroleum Exporting Countries continues to pump crude at a faster […]