Oil traded near the highest level since July 2015 as a drop in U.S. crude imports signaled that OPEC’s output cuts are taking effect. Futures in New York are set for a 1.4 percent advance this week. U.S. government data showed crude inventories rose less than expected last week as imports dropped the most since November. The slowdown in the expansion of record stockpiles and shipments from overseas into America may signal the production cuts by Organization of Petroleum Exporting Countries are starting to tighten supplies globally. “The sharp decline in the pace of builds was driven by lower imports,” said Amrita Sen, chief oil analyst Energy Aspects in London. Analysts from Goldman Sachs Group Inc. to Energy Aspects Ltd. have said U.S. stockpiles were boosted by deliveries of crude purchases made before OPEC and other nations started cutting output in January. While the inventory expansion, which has kept […]