Oil poised for longest streak of losses since 2014 as supply fears ease

Supply concerns that drove crude to a four-year high last month faded on speculation the U.S. would give exemptions to Iranian oil buyers to lower costs at pumps

Oil is poised for the longest streak of losses in more than four years as a forecast for rising American output and the U.S. granting of waivers for eight nations to temporarily continue purchasing Iranian crude eased concerns of a supply crunch.

Futures in New York declined as much as 0.9 percent and are set for an 8.3 percent drop in eight straight sessions. The U.S. government forecast the nation’s oil output will increase this year by the most on record, while industry data signaled American crude inventories rose last week. Meanwhile, U.S. government waivers will allow some of Iran’s biggest