Oil Heads to $80 in Fourth Weekly Drop; Brent Spread at Record
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Oil fell in New York, heading for a fourth weekly drop, as investors bet fuel demand will falter amid signs of weaker growth in the world’s biggest crude consumers. Brent traded at a record premium to U.S. prices.
Futures slipped as much as 2.4 percent today, leading a decline in global commodity prices, after slumping 5.9 percent yesterday. Supply disruptions in the North Sea and Africa have boosted Brent to $25.95 a barrel above New York crude, which has tumbled 30 percent from its peak this year. U.S. oil supplies are 4 percent higher than the five-year average after unexpectedly rising last week.