WTI surges 29% in second quarter as global supply glut easing IEA, OPEC see market balancing as output growth lags demand Oil headed for the biggest quarterly advance in seven years as falling U.S. supply added to speculation the global surplus is easing. Futures fell in New York, ending two days of gains. Still, oil is headed for its best quarterly advance since June 2009. U.S. crude stockpiles dropped to the lowest since March and output fell a third week, the Energy Information Administration said Wednesday. Oil has whipsawed after the U.K.’s vote to leave the European Union and slipped Thursday as Goldman Sachs Group Inc. said a recovery in Nigerian supply is a risk to its $50 a barrel forecast for the second half of the year. Supply disruptions and falling U.S. output have helped cut a global surplus, sparking a rally of more than 85 percent since […]