U.S. crude inventories forecast to rise by 4 million barrels Surplus will persist into late 2017 as demand slows: IEA Oil declined as the International Energy Agency changed its view on the global oversupply, seeing a glut persisting into 2017. Futures dropped as much as 2.4 percent in New York after gaining 0.9 percent Monday. The global oil surplus will last longer than previously thought as demand growth slumps and supply proves resilient, the IEA said in its monthly report. U.S. crude inventories probably increased by 4 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Wednesday. Oil has fluctuated since rallying in August amid speculation the Organization of Petroleum Exporting Countries and Russia would agree on measures to stabilize the market at a meeting later this month. All solutions are possible, Algeria’s energy minister said Friday when asked if producers could raise […]