Oil headed for its first weekly decline in more than a month as rising U.S. stockpiles and OPEC production cushioned the impact of declines in North American output. Futures slid as much as 1.5 percent in New York and are down about 4 percent this week. U.S. inventories rose to the highest since 1929 while production slid the most in eight months last week, government data showed Wednesday. Canada’s supplies are sufficient to cover production losses from fires in the country’s oil-sands region, Genscape said. OPEC output climbed in April amid gains from Iran and Iraq, according to data compiled by Bloomberg. Oil has rebounded after slumping to the lowest since 2003 earlier this year amid signs the global glut will ease as U.S. output declines. The nation’s stockpiles swelled to 543.4 million barrels last week, according to the Energy Information Administration. Citigroup Inc. predicts inventories will expand further […]