Oil advanced from the lowest level in a month as investors weighed production cuts from Saudi Arabia and other OPEC members against a projected gain in U.S. crude output. Futures gained as much as 1 percent in New York after dropping 5.9 percent the previous two sessions. Saudi Arabia was said to reduce February crude sales to China and southern Asian nations as it curbs supply in accordance with a deal between OPEC and other producers. The Energy Information Administration increased its forecast for U.S. production this year before a separate report Wednesday that is estimated to show crude inventories rose last week. The EIA’s upward revision comes after the Organization of Petroleum Exporting Countries and 11 other nations agreed to curb output to trim a global supply glut, helping to push crude to an almost 18-month high in December. The price increase is luring non-OPEC producers back into […]