Oil climbed for a second month as OPEC and its allies forecast that inventories will fall sharply this year if the group sticks to its plan. Futures rose 0.9% on Monday in New York, bringing their monthly gain to more than 5%, as the cartel said that a supply surplus will mostly be gone by the end of next month. Stockpiles are forecast to decline by at least 2 million barrels a day from September through December, the group said. “Demand is strong, it’s going to grow, and inventories aren’t going to go up,” Bart Melek, head of commodity strategy at TD Securities, said by phone. Oil has climbed more than 35% this year as the OPEC+ alliance, led by Saudi Arabia and Russia, cautiously restores supplies cut when the pandemic slashed demand for fuel. In a meeting of its ministers on Tuesday, the 23-nation group is expected to […]