Oil squeezed out its first weekly gain in three on signs that global demand is holding up despite concerns that the renewed spread of the virus could stall the recovery. Futures in New York rose 0.2% this week, completely recouping a selloff on Monday that was stoked by the rapidly spreading delta variant. Fuel demand and road traffic from the U.S. to Asia and Europe remains resilient, underscoring expectations that the recovery hasn’t been derailed and global inventories will continue to shrink. “The fact of the matter is that we’re not going to see, at least in the U.S. and in Europe, a massive return to strict lockdown,” said Ed Moya, senior market analyst at Oanda Corp. Crude has rallied nearly 50% this year as ongoing vaccination campaigns have propelled […]