Oil traded near $51 a barrel as investors weighed a surprise increase in U.S. stockpiles against OPEC-led efforts to reduce the global oversupply. Futures were little changed in New York after rising 6.8 percent the previous seven days. U.S. output rose for a seventh week and inventories expanded to a fresh record, government data showed Wednesday. The increase in U.S. stockpiles is reviving concern they’ll counter output curbs led by the Organization of Petroleum Exporting Countries. Oil rallied back above $50 a barrel a week ago after some OPEC nations supported a possible extension to their six-month deal, while production halts in the U.K. North Sea and Canada have since helped bolster prices. OPEC Secretary-General Mohammad Barkindo said Sunday he’s “cautiously optimistic that the market is already rebalancing.” “Market players will continue to focus on inventory changes as well as OPEC and non-OPEC compliance,” said Giovanni Staunovo, an analyst […]