Inventories may decline faster in the third quarter: Al-Falih U.S. crude stockpiles have dropped seven consecutive weeks Oil slipped in New York as traders awaited further proof that production cuts by OPEC and its allies, which were extended at a meeting last week, are having an effect. West Texas Intermediate futures were down 0.4 percent from Friday’s closing price following the Memorial Day holiday on Monday. OPEC and Russia’s deal to extend output limits through March was initially met with a selloff as deeper cuts or a plan for the rest of 2018 weren’t proposed. Saudi Arabia’s Energy Minister Khalid Al-Falih said the strategy is working and stockpiles will drop faster in the third quarter. U.S. inventories have fallen for seven straight weeks in a sign the production limits may be working, though stockpiles are still above the five-year average. Saudi Arabia plans to reduce exports to the world’s […]