Oil drops on IEA glut warning, rise in U.S. stocks

By Karolin Schaps LONDON (Reuters) - Oil fell on Wednesday as the International Energy Agency (IEA) warned that a global supply glut continued to weigh on prices and data showed an unexpected weekly gain in U.S. crude stocks. The IEA, which advises industrialised nations on energy policies, said crude inventories kept rising last month and pushed floating storage, one of the most expensive methods of stockpiling, to the highest level in seven years. ...