Oil headed for the biggest weekly decline since March amid speculation OPEC’s decision to effectively scrap production targets will keep the market oversupplied. Futures were little changed in New York and down 8.3 percent this week. Prices are falling for a sixth day, the longest losing streak in almost nine months, since the Organization of Petroleum Exporting Countries chose not to curb output at its Dec. 4 meeting. The global surplus will persist at least until late 2016 as demand growth slows and the group shows “ renewed determination ” to maximize production, the International Energy Agency said Friday. Oil prices have slumped to levels last seen during the global financial crisis as a result of OPEC’s strategy to defend market share against higher-cost producers. The group’s production rose to a three-year high in November, the group said in a report Thursday, as surging Iraqi volumes more than offset […]