Oil is poised for a fifth weekly loss after slipping into a bear market as record American production, expanding inventories and waivers granted to some countries for Iranian imports stoked concerns of a supply glut. Futures in New York were little changed, heading for a 4.4 percent decline this week. U.S. crude production surged to a record 11.6 million barrels a day, while nationwide inventories rose more than expected. Meanwhile, with energy prices slumping, OPEC and its allies will discuss scenarios including the possibility of cutting production again next year during a meeting in Abu Dhabi on Sunday, according ... (full story)