Oil pared a rally late in the trading session as concerns over lackluster consumption clouded optimism around the likelihood of additional U.S. stimulus. Futures closed less than 1% higher in New York on Wednesday. Investors are focusing on Washington with U.S. President Joe Biden taking office. Biden has asked lawmakers to pass a $1.9 trillion virus aid package, which could support crude consumption. Still, fuel use is expected to take another hit as new virus outbreaks in China add to a wave of infections in Europe and other parts of the world. The U.S. “is still the biggest market in the world and it hasn’t recovered all the demand loss,” said Peter McNally, global head for industrials, materials and energy at Third Bridge. In the nearterm, additional lockdown measures in China are weighing […]