Crude Oil Falls, Poised for Weekly Decline, on Slowing Economy

Oil fell in New York, poised for its biggest weekly decline in four, on concern that faltering global economic growth will curtail a recovery in fuel demand.

Crude pared yesterday’s 1.8 percent gain as Asian and European equities dropped before a report on U.S. gross domestic product. Oil has retreated 1.4 percent this week, its largest loss since the five days ended July 2. Prices may decline next week as U.S. inventories rise, according to a Bloomberg survey of analysts.