U.S. supplies remain 100 million barrels above 5-year average Libya sees its output reaching 1 million b/d by end of July Oil headed for the longest run of weekly losses since August 2015 as OPEC member Libya restored production just as the surplus in the U.S. showed few signs of abating. While futures added 0.5 percent in New York, they’re down 2.5 percent for the week, a fourth straight decline. U.S. inventories fell less than forecast last week, keeping supplies more than 100 million barrels above the five-year average, according to data from the Energy Information Administration on Wednesday. Libya, exempt from the OPEC-led deal to cut supply, will boost output to 1 million barrels a day by the end of July, according to the country’s National Oil Co. Oil slumped to the lowest close in seven months this week as concerns grew that rising U.S. supplies will offset […]