Despite OPEC assurances, market wary of U.S. output growth Traders awaiting key weekly government tally of inventories Oil in New York dipped on concern that expanding U.S. stockpiles knocked the steam out of OPEC’s cuts for another week. The U.S. benchmark lost 0.2 percent on Wednesday. Inventories in American tanks and terminals probably increased by 2.9 million barrels last week, according to a Bloomberg survey. If a government report on Thursday confirms that estimate, it would be the fourth straight weekly gain, the longest expansion since the first quarter of 2017. Spare supplies are increasing against the backdrop of record output by U.S. drillers. OPEC has “taken a lot of production off the table, but it’s just being replaced by U.S. production to a large degree,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York. Cartel members recently sought to reassure investors […]