Oil posted the biggest weekly decline since early April on growing signs that a global economic slowdown is curbing demand. Prices are near the lowest level in six months. West Texas Intermediate settled at $89 a barrel, ending the week nearly 10% lower. US gasoline consumption has dropped, stoking demand concerns, while low liquidity has added to volatility. Supplies from Libya also picked up, helping to shrink key oil futures time-spreads and ease the tightness in the market. The pullback is evident across the oil market. Gasoline futures are down 18% this week. Meanwhile, physical oil differentials have narrowed and Brent’s prompt spread — the difference between its two nearest contracts and a gauge of supply — shrunk to $1.73 a barrel in backwardation, down from more than $6 a week ago. “Crude broke several technical levels in a week that has been a bloodbath for super-cycle believers,” said […]