U.S. oil prices pared losses but stayed lower Thursday after weekly inventory data showed a drop in crude supplies but an unexpectedly large increase in production. Light, sweet oil for July delivery recently fell 16 cents, or 0.3%, to $57.35 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, traded up 40 cents, or 0.6%, at $62.46 a barrel on ICE Futures Europe. U.S. commercial crude-oil supplies fell by 2.8 million barrels in the week ended May 22, the U.S. Energy Information Administration said. Analysts surveyed by The Wall Street Journal had expected a drop of 1.1 million barrels. The EIA also reported that U.S. crude-oil production rose by 304,000 barrels a day last week to 9.57 million barrels a day, the highest level in weekly data going back to 1983. In monthly data, which don’t exactly line up with weekly data, […]