Oil traded near a two-week high in New York amid signs of a further drop in U.S. stockpiles and ongoing concerns that political friction in the Persian Gulf could disrupt exports. Futures rose as much as 1.1%. American crude inventories dropped by 6.02 million barrels last week, according to an industry report. If confirmed by government data July 31, it will be a seventh weekly decline. BP is avoiding sending ships through the Strait of Hormuz, CEO Bob Dudley said July 30, in a sign Middle East tensions could affect the flow of crude. Libya’s oil production dropped to the lowest in five months after an issue with a pipeline connected to its biggest field. Oil is little changed this month after swinging between gains and losses as global growth concerns compete with the standoff in the Persian Gulf.