Hurricane Matthew bound for Florida, may disrupt fuel supplies U.S. crude inventories decline below 500 million barrels: EIA Oil held its gains above $50 a barrel after U.S. inventories fell a fifth consecutive week and as OPEC’s pledge to reduce output sparked speculation a global glut may ease. Futures advanced 0.5 percent in New York after rising 1.2 percent Thursday to close above $50 a barrel for the first time since June. U.S. crude stockpiles shrank below 500 million barrels last week for the first time since January, government data showed. OPEC pledged in Algiers last week to reduce the group’s production to 32.5 million to 33 million barrels a day in a bid to shrink the world’s bloated crude supplies and boost prices. Oil has gained about 13 percent since the Organization of Petroleum Exporting Countries agreed Sept. 28 to cut production for the first time in eight […]