Oil pared gains with prices struggling to break out of its recent trading range as the market considers the jagged outlook for global fuel consumption. Futures in New York closed 0.6% higher on Monday after rising as much as 2.4% during the session. An uneven consumption outlook continues to hold oil prices back from rallying significantly past $60 a barrel. Even as fuel demand strengthens in countries like India and the U.S., it is far from a steady recovery worldwide as Covid-19 infections surge and lockdowns are renewed in parts of the Middle East and Europe. “The concerns over economic recovery are just too strong” for a sustained push higher at this point, said Gary Cunningham, director at Stamford, Connecticut-based Tradition Energy. “We need to see some real positive numbers come out of […]