Oil fell for a second day with an increase in USA crude inventories compounding concerns. (Bloomberg) — Oil fell for a second day with an increase in U.S. crude inventories compounding concerns around a choppy global demand recovery. Futures in New York fell 2.1% on Wednesday after a U.S. weekly inventory report showed the first gain in domestic crude supplies in a month. Meanwhile, a resurgent coronavirus in India is curbing fuel consumption. “The price pullback has been over rising uncertainty in regards to global oil demand, given the rise in infections, particularly in India,” said Rob Thummel, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets. “India is a large, high growth market for oil. What’s going on in the country with Covid-19, at least in the near-term, could pose a challenge for demand.” U.S. benchmark crude prices are still up more […]