Oil headed for the first weekly decline since February as OPEC production rose and expanding U.S. stockpiles kept inventories at the highest level in more than eight decades. Futures declined as much as 1.6 percent in New York, down 3.4 percent for the week. The Organization of Petroleum Exporting Countries increased supply by 64,000 barrels to 33.09 million a day in March as Iraqi output gained and Iran pumped at the highest level in almost four years, according to data compiled by Bloomberg. A U.S. government report Wednesday showed crude supplies rose for a seventh week to the most since 1930. “The market is still oversupplied,” Evan Lucas, a market strategist at IG Ltd. in Melbourne, said by phone. “Trading will probably remain around the mid-to-upper $30 level range with anything above $40 being sold.” Oil still rose 14 percent in March after rebounding from a 12-year low this […]