NEW YORK — Oil climbed, approaching $50 a barrel in New York, after government data showed that US crude stockpiles dropped last week.

Inventories slipped 2.98 million barrels in the week ended Sept. 30, according to the Energy Information Administration. That contrasts with the 1.5 million barrel increase forecast by analysts surveyed by Bloomberg and a 7.6 million decrease reported Tuesday by the industry-funded American Petroleum Institute. Production and imports slipped for a second week as refineries idled units for seasonal maintenance.

Oil has advanced more than 10 percent since the Organization of Petroleum Exporting Countries agreed last week to cut production for the first time in eight years. 

OPEC, which pumped at a record in September, will decide on quotas for the group’s members at an official meeting in Vienna on Nov. 30. Hurricane Matthew is heading for the United States and may disrupt East Coast fuel shipments.

West Texas Intermediate for November delivery rose $1.14, or 2.3 percent, to $49.83 a barrel on the New York Mercantile Exchange. It was the highest close since June 29.

US crude supplies fell to 499.7 million in the week ended Sept. 30, the lowest level since January, ­according to EIA data. Inventories reached 543.4 million barrels in the week ended April 29, the highest since 1929. Stockpiles remain at the highest seasonal level in more than 20 years.

An agreement among OPEC and non-OPEC states to limit oil production could slash global supply by 1.2 million barrels a day and add as much as $15 to prices, said Venezuela’s oil minister, Eulogio Del Pino. OPEC would collectively cut output by 700,000 barrels a day under the accord hashed out last week in ­Algiers, while non-OPEC states would reduce production by another 500,000 barrels a day, he said Tuesday.