Oil capped its longest winning streak in two years following the International Energy Agency’s bleaker outlook for global demand and signs that futures were overbought. Prices in New York slid 0.8% on Thursday, the biggest decline in two weeks, after rising for eight straight sessions. The IEA said the re-balancing of the global oil markets remains “fragile” and slashed its forecasts for world oil consumption in 2021 as the pandemic continues to limit travel and economic activity. Still, the agency said the market’s prospects look stronger in the second half of the year, and swollen oil inventories will drop sharply as fuel use picks up. “Crude has shown some really strong gains,” said Gary Cunningham, director at Stamford, Connecticut-based Tradition Energy. But “there’s some questions as to whether or not these levels can be maintained” amid uncertainty over the demand recovery and […]