The report paints a picture of contracting supply, forecasting a four-million-barrel-a-day drop in inventories in the fourth quarter of this year from the third. But that change in inventories is happening from record-high levels and the drawdown in oil stocks could falter in the months ahead, with Covid-19 cases sharply rising in the developed world and the prospect of renewed restrictions on movement, the Paris-based organization said. The climbing case number “surely raises doubts about the robustness of the anticipated economic recovery and thus the prospects for oil demand growth,” the IEA said. Oil ticked down early Wednesday after climbing Tuesday on bullish Chinese crude import data. Brent crude oil, the global benchmark, was down 0.4% at $42.32 a barrel and West Texas Intermediate futures, the U.S. gauge, fell 0.4% to $40.05 a barrel. The prices of both benchmarks are more than 6% higher than a month ago, with […]