Oil remained above $97 a barrel Thursday on lower U.S. stockpiles but concerns of oversupply in the Middle East capped gains. Benchmark U.S. crude for January delivery was up 4 cents at $97.24 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract gained $1.16 to close at $97.20 on Wednesday. The Organization of Petroleum Exporting Countries agreed Wednesday to maintain its daily production target of 30 million barrels a day. However, it faces the prospect of overproduction after Iran announced plans to pump up to 4 million barrels a day once sanctions on its crude exports are lifted. Libya also hopes to increase output to 2 million barrels a day once unrest ebbs. In all, OPEC members would have to reduce their production to keep prices from dropping sharply and hurting oil revenues that underpin […]