It was more than a resurgence of economic pessimism that slashed the August contract for benchmark US light, sweet crudes by $11.60/bbl through seven of eight trading sessions to a $59.89/bbl close July 10 on the New York market, said Paul Horsnell, a managing director and head of commodities research at Barclays Capital in London. Market fears that a faltering global economy will further reduce demand for oil probably couldn’t have taken the price below $65/bbl, especially against a background of tightening crude supplies, determination of members of the Organization of Petroleum Exporting Countries to raise prices to a sustained $75/bbl, and “broadening fears” that ina...