Nationwide supplies rose 2.2 million barrels last week: API IEA sees record Middle East oil supply while U.S. output falls Oil fell after the biggest gain in three months as U.S. industry data showed the nation’s crude stockpiles increased, adding to concerns about oversupply. Futures lost as much as 1.6 percent in New York. Inventories rose 2.2 million barrels last week, the American Petroleum Institute was said to report. Middle East production has climbed to a record while U.S. output slumps, a sign that OPEC’s strategy of defending market share is succeeding, the International Energy Agency said in its monthly oil market report. Oil has traded between $44 and $51 a barrel in the last month after almost doubling from a 12-year low in February amid supply disruptions from Canada to Nigeria and falling U.S. output. The rate of decline in non-OPEC supply will slow next year, the Organization […]