Oil recovered from the steepest one-day loss in almost two weeks as equities advanced, though further gains may be limited by a resurgence in coronavirus cases and new lockdown measures. Crude futures rose 0.7% in both London and New York as stocks staged a modest comeback from Monday’s broad selloff. Although the global oil market will move into deficit in the fourth quarter on the back of OPEC+ supply cuts, prices will likely remain range-bound until there’s a recovery in distillate demand, including jet fuel, according to Bank of America Merrill Lynch. “Global demand looks pretty soft, it looks like we’re going to get another wave of the virus, and we’re in a seasonally weak time of the year,” said Bill O’Grady, executive vice president at Confluence Investment Management in St. Louis. The […]