Oil in New York closed below $40 a barrel for the first time in a month as a selloff in broader markets exacerbated concerns over weakening demand following a sluggish summer driving season. U.S. benchmark crude futures tumbled nearly 4% on Friday, leading oil to post its worst week since June. Stocks weakened and the S&P 500 Index dropped more than 3% before easing losses. Meanwhile, the upcoming U.S. Labor Day holiday will mark an informal end to the summer driving months and a customary drop-off in demand is looming with refineries soon shutting for seasonal maintenance. “It’s a big psychological level” said Bob Yawger, director of the futures division at Mizuho Securities USA. “Settlement below $40 a barrel and the fact that we have turnaround season,” creates conditions where it’s […]