Oil prices dip on faltering Chinese economy

Oil prices fell on Wednesday, pressured by lackluster economic activity in leading crude importer China, but a first monthly gain since September remained in sight as flaring tensions in the Middle East heightened supply concerns. Brent crude futures for March, which expire today, fell 87 cents, or about 1.1 per cent, to $82 a barrel by 1103 GMT. The more actively traded April contract fell 80 cents, or about 1 per cent, to $81.70. U.S. West Texas Intermediate crude futures lost 82 cents, or roughly 1.1 per cent, to $77 a barrel. Manufacturing activity in China, the world's second-largest economy,…