Oil is set for its first monthly decline since October as signs that U.S. supply is expanding offset OPEC’s production curbs. Futures lost 0.5 percent in New York and are down 2.3 percent in January. U.S. oil production could increase to as much as 9.5 million barrels a day this year, near its 2015 peak, as rising prices spur drilling, according to the chairman of Pioneer Natural Resources Co. American crude inventories probably expanded by 3 million barrels last week, according to the median estimate in a Bloomberg survey before government data on Wednesday. Oil advanced the last two months of 2016 as the Organization of Petroleum Exporting Countries agreed on Nov. 30 to reduce supply, with 11 other nations including Russia joining the deal less than two weeks later. While Middle East producers implement the cuts, U.S. drillers targeting crude have increased the nation’s rig count to the […]