Crude Oil Trades Near Eight-Month Low, Heads for Weekly Decline

Oil traded near an eight-month low below $80 a barrel in New York and headed for a second weekly decline amid signs of a global economic slowdown that may curb fuel demand.

Futures were little changed after decreasing 4 percent yesterday, the biggest drop this year. German business confidence fell to the lowest in more than two years in June as the worsening sovereign debt crisis clouded the economic outlook. The Federal Reserve Bank of Philadelphia’s economic index yesterday signaled the biggest contraction in manufacturing in almost a year.