Oil fluctuates below $40 as US supplies seen worsening glut

Oil swung between gains and losses, staying below $40 a barrel, amid speculation U.S. crude stockpiles expanded for a second week.

Futures were little changed in New York after rising 2.8 percent Tuesday. Inventories probably increased by 1.45 million barrels through Aug. 21, a Bloomberg survey showed before a report from the Energy Information Administration on Wednesday. Venezuela is seeking to promote cooperation between OPEC and Russia, the world’s biggest crude producer, according to President Nicolas Maduro.

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