Oil traded below $48 a barrel before U.S. government data forecast to show crude stockpiles increased in the world’s biggest consumer. Futures fell as much as 0.6 percent in New York after advancing 3.8 percent Tuesday. Inventories probably expanded for a sixth week, keeping supplies more than 100 million barrels higher than the five-year seasonal average, a Bloomberg survey shows before an Energy Information Administration report Wednesday. China has a bottom-line goal of 6.5 percent annual economic growth , according to its new development blueprint released Tuesday. Oil has slumped almost 40 percent the past year amid speculation the global glut will be prolonged as the Organization of Petroleum Exporting Countries continues to pump above its collective quota. Shipments from a Libyan port were halted amid an escalating conflict between the nation’s two rival administrations, putting exports at risk. “Supply is still the story,” Jonathan Barratt, chief investment officer […]