China’s disappointing PMI data from June, which showed another contraction in the key manufacturing sector there, helped to send oil prices sliding. London-traded Brent crude fell to below $90 a barrel, while U.S.-traded WTI crude oil slipped to around $78 a barrel. The news from the U.S. wasn’t any better; the recently published Philadelphia Fed Manufacturing Survey indicates that the U.S. East Coast manufacturing sector has slowed to a pace not seen in nearly a year was also not supportive of prices. Read more