Kingdom’s decision depends on stance of countries such as Iraq U.S. crude stockpiles drop 1.3 million barrels last week: API Oil advanced for a seventh day in New York, the longest gain since December, on confidence Saudi Arabia will support an extension to OPEC-led output cuts just as U.S. stockpiles show signs of shrinking. Futures in New York were holding gains after rising 6.3 percent in the previous six sessions. Saudi Arabia is likely to back prolonging the curbs into the second half of 2017 in an effort to boost prices, according to a person familiar with the kingdom’s internal discussions. Several other countries, including Kuwait, have also expressed public support for an extension. Industry data was said to show U.S. crude supplies fell last week. While speculation that the Organization of Petroleum Exporting Countries and its allies will extend their six-month pact aimed at eroding a global glut […]