MELBOURNE (Nov 12): Oil traded near the lowest close in more than two months before U.S. government data forecast to show crude stockpiles expanded for a seventh week in the world’s biggest consumer.

Futures were 0.8 percent higher in New York Thursday after capping a 10 percent slide since Nov. 3. Inventories probably increased by 1.3 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report. That would keep supplies more than 100 million barrels above the five-year seasonal average.

Oil has slumped about 44 percent the past year amid signs a global glut will persist as the Organization of Petroleum Exporting Countries continues to pump more than their collective quota. Low prices have pummeled shares of energy companies intensifying merger speculation. Anadarko Petroleum Corp. said it withdrew an all-stock offer to buy Apache Corp. after the crude producer refused to engage in substantive talks.

“The indication that we may see another inventory build is weighing on the market,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said by phone. “Oil has come back to a support level, which has held the market twice before over the past couple of months. This will be a test for prices.”

West Texas Intermediate for December delivery was at $43.28 a barrel on the New York Mercantile Exchange, up 35 cents, at 9:43 a.m. Hong Kong time. The contract lost $1.28 to $42.93 on Wednesday, the lowest close since Aug. 27. The volume of all futures traded was about 23 percent below the 100-day average.

Brent for December settlement was 38 cents higher at $46.19 a barrel on the London-based ICE Futures Europe exchange. The contract slid $1.63, or 3.4 percent, to $45.81 on Wednesday. The European benchmark crude was at a premium of $2.97 to WTI.