West Texas Intermediate crude pared the biggest weekly drop since January amid signs of a global glut. Brent, the benchmark for more than half the world’s oil, gained after reaching a four-year low in intraday trading. WTI closed yesterday more than 20 percent below its June peak, a common definition of a bear market . Brent is down 22 percent from the June high. Both crudes settled higher for the first time in four days after falling more than 2 percent during trading today. The world’s two most-traded crude futures are collapsing because demand growth is slowing at a time when output is expanding from countries including the U.S. and Russia , the largest suppliers outside OPEC. The Organization of Petroleum Exporting Countries increased oil production by the most in almost three years last month as Libyan output surged. “The market is catching its breath after a week of […]