WATCH: Blackstone’s Byron Wien says oil prices will rise for the right reasons. Oil closed lower as an increase in U.S. fuel stockpiles clouded the outlook for a strong demand rebound during the summer driving season. Futures in New York ended Wednesday close to unchanged after a choppy trading session. Domestic gasoline stockpiles rose by more than 7 million barrels last week, the most since April 2020, and distillate inventories also increased, according to a U.S. government report. At the same time, a rolling average of gasoline demand ticked lower for the first time in a month despite the country entering its traditional peak fuel consumption season last week. “Prices have had a good run as we’ve see some demand recover,” said Gary Cunningham, director at Stamford, Connecticut-based Tradition Energy. “But, there hasn’t been a strong enough demand rebound to drive prices much higher past this $70 mark.” Traders […]