Oil traded near $51 a barrel amid speculation a production boost from U.S. shale producers will counter the first output cuts from OPEC in eight years. Futures rose 0.4 percent in New York after falling 1.7 percent on Tuesday, the first drop in five days. The Energy Information Administration increased its U.S. oil output forecast for this year and next, and domestic explorers last week raised the number of rigs in action to the most since January. Nationwide crude inventories slid by 2.2 million barrels, the American Petroleum Institute was said to report. EIA data Wednesday is also projected to show a drop. Oil surged to a 16-month high Monday after the Organization of Petroleum Exporting Countries agreed last week to trim the group’s output by 1.2 million barrels a day from January to stem a supply glut and buoy prices. OPEC has invited 14 producers from outside the […]