London — Oil halted its slide near $48 a barrel as industry data showed US crude stockpiles declined again, further trimming an inventory surplus. Futures rose 0.5% in New York after slipping a second session on Tuesday. Inventories dropped by 9.2-million barrels last week, the American Petroleum Institute (API) was said to report. If that is replicated in government data on Wednesday, it would be the largest drop in almost a year. Output from Libya is rebounding as its biggest field boosts production and a port reopens. Oil in New York has fluctuated this month in the narrowest range since August 2003 as investors weigh rising global supply against output cuts by oil cartel Opec and its allies. Opec will not clear the global glut any time soon since any increase in price continues to bolster rival production from US shale, according to the International Energy Agency. "The search for price cues will now turn to an upcoming update concerning US oil stockpiles," and "initial signs ar...
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