Oil climbed to a four-month high in London as forecasts for lower U.S. shale production signaled the global oversupply will slowly diminish. Brent advanced 1.6 percent to the highest since Dec. 4. Output from U.S. shale will drop to 4.84 million barrels a day in May, the lowest level in almost two years, according to a report on Monday from the Energy Information Administration. Still, crude inventories probably rose by 1 million barrels last week, remaining near the highest level since 1930, according to a Bloomberg survey before another report from the EIA on Wednesday. “There is such overwhelming consensus in this market that we’re grinding higher because the story of supply faltering is starting to play out, ” said Seth Kleinman, head of European energy research at Citigroup Inc. in London. Oil has rebounded after falling to the lowest level in more than 12 years amid signs a […]