U.S. crude posted its biggest monthly drop since the 2008 financial crisis on Friday after a string of losses in July triggered by China’s stock market slump and signs that top Middle East producers were pumping crude at record levels. A higher U.S. oil rig count for a second straight week added to the market’s downside Friday despite a weaker dollar, which would normally support commodities. Heavy hedging activity in gasoline and diesel futures ahead of front-month contract expiration dominated play on the petroleum complex, diverting some attention from crude. Oil prices fell for a fifth straight week. U.S. crude settled down $1.40, or almost 3 percent, at $47.32 a barrel. It slid more than 2 percent on the week. Through July, U.S. crude was down 21 percent, its largest monthly decline since October 2008, when oil had an epic collapse at the […]