Crude oil ended below $60 a barrel as near-record U.S. production prolonged an oversupply amid the lowest trading volatility in eight months. U.S. crude stockpiles remain 84 million barrels above the five-year average for this time of the year. The nation pumped near the fastest pace in more than three decades even as the rig count dropped. A measure of future price fluctuations slipped to the lowest level since October. Oil’s rebound from a six-year low has faltered on signs a global glut will persist as rising prices spur output. The Organization of Petroleum Exporting Countries has pumped more than its quota of 30 million barrels a day for the past 12 months as the group seeks to defend market share against higher-cost producers. “We are still pumping at a near-record level and production hasn’t been affected by the rig count yet,” said Gene McGillian, a senior analyst at […]