Oil's Longest Rally in Seven Years Falters as OPEC Supply Rises
- Output climbs as production from Libya and Nigeria expands
- U.S. stockpiles seen 2.5 million barrels lower: survey
UBS' Gordon Sees Oil Trading in $40 to $60 Range
Oil, on its longest run of gains in seven years, barely rose on Tuesday as forecasts that U.S. stockpiles shrunk were weighed against estimates that OPEC expanded production.
Futures edged up by just 1 cent in New York after advancing 11 percent in the previous eight sessions. OPEC output climbed in June to the highest level this year. The increases came from Libya and Nigeria, which are exempt from a supply-cut deal, as well as Saudi Arabia and the United Arab Emirates, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. In the U.S., crude inventories probably fell by 2.5 million barrels last week, a Bloomberg survey showed before a government report Thursday.