Oil rose after a government report showed US distillate stockpiles declined the most since March but gains were limited. (Bloomberg) — Oil rose after a government report showed U.S. distillate stockpiles declined the most since March but gains were limited by renewed concerns over the speed of the economic recovery from the pandemic. Futures in New York increased 0.3% on Wednesday after earlier swinging between gains and losses. The market drew support from an Energy Information Administration report showing declines in U.S. crude and refined product inventories, but futures were held back from a stronger rally as equities slid. The S&P 500 Index fell as much as 2.4% after Federal Reserve Chairman Jerome Powell reiterated his view that there’s a long way to go for the economic rebound. The EIA report “should really be enough to put crude oil into the green,” said Bob Yawger, head of the futures […]