West Texas Intermediate traded near the lowest closing price in three days amid speculation crude stockpiles increased to the highest level since July in the U.S., the world’s biggest oil consumer. Brent fell in London . Futures were little changed in New York after falling just 1 cent yesterday. Crude inventories are forecast to have expanded by 3.8 million barrels to 381.5 million last week, a Bloomberg News survey showed before government data tomorrow. OPEC is unlikely to reduce its production target when it meets next month, Mohsen Qamsari, a director for international affairs at National Iranian Oil Co., said yesterday according to the Oil Ministry’s news service. “It’s clear that the supply situation is at a record in terms of stockpiles, so it’s going to take some time to clear that excess,” Michael McCarthy , a chief strategist at CMC Markets in Sydney, said by phone today. With […]