Oil extended its advance as industry data showed U.S. crude stockpiles declined last week, trimming an inventory overhang. February futures rose as much as 0.9 percent in New York after climbing 0.5 percent on Tuesday. Crude inventories dropped by 4.15 million barrels, the American Petroleum Institute was said to report. That compares with a forecast 2.5 million-barrel decrease expected in Wednesday’s Energy Information Administration report. Libya reopened two of its biggest oil fields and is set to load the first crude cargo in two years from its largest export terminal. Oil has traded near $50 a barrel since the Organization of Petroleum Exporting Countries agreed Nov. 30 to cut output for the first time in eight years. Non-OPEC producers including Russia will also trim supply. U.S. crude inventories, at the highest seasonal level since the EIA began compiling weekly data in 1982, are projected to decrease for a fifth […]