Nationwide supplies gained 1.06 million barrels last week: EIA Record demand from refiners to erode bloated stockpiles: IEA Oil traded near the lowest closing price in a week as government data showed U.S. crude stockpiles unexpectedly expanded, keeping inventories at the highest seasonal level in more than three decades. Futures were little changed in New York after slipping 3.1 percent the previous two sessions. Crude supplies increased by 1.06 million barrels last week, according to the Energy Information Administration. They were forecast to drop by 1.5 million barrels in a Bloomberg survey. Global markets will continue to rebalance this year as rising refiner demand absorbs growing output from Persian Gulf producers, according to the International Energy Agency. Oil has fluctuated after tumbling more than 20 percent into a bear market and closing below $40 a barrel last week for the first time in almost four months. Weakness in global […]