Oil fell more than 1 percent on Tuesday ahead of weekly U.S. crude inventory data that is expected to hit another high and as Saudi Arabia pledged to supply more oil to China if needed. U.S. commercial crude stockpiles were expected to have risen last week for the 16th straight week, up from a record 489 million barrels, even though drilling activity fell, a preliminary survey by Reuters showed on Monday. Comments from top Saudi oil officials on Monday reiterated the country’s position of keeping production high to meet demand as it maintains its market share. Brent June crude futures had dropped 84 cents to $63.99 a barrel by 0702 GMT. U.S. June crude fell 84 cents to $56.14 a barrel. The fall in prices “reflects the major gains that have been made in the last few weeks and a little bit of concern over what […]