Oil traders pointed to a mix of factors for Friday’s selloff. Economic growth outside the U.S. has flagged, raising fears that demand for crude will also decline. In export-dependent Germany, a purchasing managers index hit a four-year low, well below the level economists were expecting. Saudi Arabia and the Organization of the Petroleum Exporting Countries are inching toward a plan to cut production that would retain official output targets, first set in 2016, but would imply a production pullback because Saudi Arabia is overproducing by nearly 1 million barrels a day, The Wall Street Journal reported Friday . Investors remain skeptical that the OPEC meeting in Vienna on Dec. 6 will be able to turn the tide on oil supply enough to support prices. A big reason why: the emergence of the U.S. oil industry as one of the world’s most important players. Ballooning shale production—American output has nearly […]