Oil in New York is poised for the biggest weekly decline since early June. (Bloomberg) — Oil in New York is poised for the biggest weekly decline since early June after gains in the dollar reduced the appeal of commodities priced in the U.S. currency, with concerns about over-supply mounting. Futures are down 4.4% this week, set for the first weekly loss since the end of July, with a slide in equities after a slump in the U.S. adding to the bearish sentiment. Meanwhile, the one-month timespread for West Texas Intermediate oil is near the widest contango since June, indicating investors are concerned about supply amid virus-driven demand destruction. Oil is off to a weak start in September after a four-month rally with many major economies still struggling to contain the coronavirus, raising concerns about a sustained recovery in consumption. Iraq this week signaled it may seek an extension […]