Oil is heading for a weekly loss as lingering concerns over an economic slowdown overshadowed signs of improving US demand. West Texas Intermediate futures dropped to near $89 a barrel on Friday and are down almost 3% for the week after another period of choppy trading. Although US gasoline demand is picking up after pump prices tumbled and OPEC’s new Secretary-General sounded a warning over “scarce” spare production capacity, concerns about weakening economic growth around the world continue to hang over the market. “We have continued headwinds from the risk of an economic slowdown as central banks continue their efforts to bring down inflation by killing demand through higher rates,” Ole Hansen, Saxo Bank’s head of commodity strategy said. “With that in mind it looks as if macro has the upper hand over the micro at this stage.” The market is digesting mixed policy signals from Federal Reserve officials […]