Crude Heads for Weekly Decline as European Summit Disappoints

Oil headed for the biggest weekly decline since September as economic rescue measures by European leaders failed to assuage concern that growth is slowing.

West Texas Intermediate futures dropped 2.5 percent this week, as euro-area countries resolved on steps to ease the region’s crisis without forging an agreement among all European Union members. Chinese industrial production slowed last month. Saudi Arabia, the world’s largest crude exporter, is in no rush to agree to new output quotas when OPEC meets next week, Oil Minister Ali al-Naimi said.