Crude Oil Caps Fourth Weekly Decline; Brent Spread at Record

Crude oil fell, capping a fourth weekly decline, on concern that slower global economic growth will reduce fuel demand. Brent oil traded at a record premium to the U.S. contract.

Futures in New York have dropped 18 percent since July 22, the biggest four-week decline since October 2008. Citigroup Inc. and JPMorgan Chase & Co. cut their U.S. growth forecasts as officials struggle to stem Europe’s sovereign-debt crisis. Oil pared losses as the dollar weakened, making commodities more attractive as an alternative investment.