Inventories rose in first quarter on supply boost before deal U.S. supplies drop from record as output climbs 8th week: EIA Oil capped its third weekly gain after the International Energy Agency said production cuts have brought world markets “very close to balance” and should soon deplete stockpiles that rose in the first quarter. Futures gained 1.7 percent for the week as the agency said Thursday that, despite OPEC’s near-perfect implementation of the curbs it agreed to with Russia and other allies, stockpiles edged higher because of supply increases the countries made before the deal took effect on Jan. 1. Total U.S. petroleum stockpiles declined last week while crude output climbed to the highest in more than a year, according to government data Wednesday. Oil had rallied above $53 a barrel after some members of the Organization of Petroleum Exporting Countries voiced support for prolonging production cuts with other […]