By Mark Shenk Nov. 18 (Bloomberg) -- Crude oil was little changed amid forecasts that a government report tomorrow will show U.S. oil supplies increased for an eighth week as a recession erodes global demand. Stockpiles probably climbed 1 million barrels in the week ended Nov. 14, from 311.9 million barrels, according to the median of 10 analyst estimates before an Energy Department report. Prices rose earlier as a hijacked Saudi Arabian supertanker was anchored close to the Somalian coast. Crude oil for December delivery fell 11 cents to $54.84 a barrel at 10:58 a.m. on the New York Mercantile Exchange. Oil has dropped 63 percent since reaching a record $147.27 on July 11. Brent crude oil for January settlement declined 21 cents, or 0.4 percent, to $52.09 a barrel on London’s ICE Futures Europe exchange. To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net.

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