Oil Declines on Projected U.S. Crude Stockpiles Oil fell to the lowest in more than two weeks after industry data showed a surge in U.S. crude stockpiles, undermining OPEC’s efforts to re-balance global markets. Futures slid as much as 1.8 percent in New York after falling 3.1 percent the previous two sessions. Crude supplies rose by 14.2 million barrels last week, the American Petroleum Institute was said to report Tuesday. Government data Wednesday is forecast to show stockpiles climbed for a fifth week. Oil output from the U.S. will surge next year to the highest level since 1970, according to updated estimates from the Energy Information Administration. Oil has fluctuated above $50 a barrel since a deal to trim output between the Organization of Petroleum Exporting Countries and 11 other nations took effect on Jan. 1. While OPEC members implement pledged […]