Oil futures eased off a four-month high on Thursday after a sharp reduction in U.S. inventories fueled hopes that the market was beginning to work through its supply glut. Brent crude, the global oil benchmark, fell 0.1% to $51.80 a barrel on London’s ICE Futures exchange, having hit its highest level since June 10 during the previous session. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.2% at $49.71 a barrel. OPEC’s talk of a production cut carries only so much weight in the markets. U.S.-traded oil prices climbed more than 2% overnight after the U.S. Energy Information Administration’s latest data showed U.S. crude supplies fell by 3 million barrels in the week ended Sept. 30, down for the fifth straight week. The surprise drop brought total inventories to 499.7 million barrels, the lowest since January, though they were still 38.7 million barrels higher […]