Oil prices rose Tuesday after forecasting agencies said production outside the Organization of the Petroleum Exporting Countries would fall this year more than previously expected. Traders also expect weekly U.S. inventory data due Wednesday to show a continued decline in domestic crude supplies. Oil prices have surged in recent months on expectations that falling production in the U.S., rising global demand and unexpected supply outages around the world would help shrink the glut of crude that sent prices plunging in the past two years. U.S. crude for August delivery settled up $2.04, or 4.6%, to $46.80 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose $2.22, or 4.8%, to $48.47 a barrel on ICE Futures Europe. OPEC, which controls more than a third of the world’s oil supply, said in a monthly report released Tuesday that non-OPEC production would fall by 880,000 barrels a day […]