Oil’s bumper rally cooled after an increase in U.S. crude inventories and as industrial commodities retreated. Global benchmark Brent fell 1.4%, after failing to break through its 2018 high so far this week. The American Petroleum Institute reported crude stockpiles rose 2.32 million barrels last week, while gasoline and distillate supplies also edged up. Crude was lower with most other commodity markets. Although U.S. crude inventories rose, the volume at the storage hub of Cushing fell by about 3.73 million, according to people familiar with the data. It would be the biggest decline since January if replicated in official figures released later Wednesday. There’s particular concern about the slumping volume at Cushing, which is the delivery point for U.S. crude futures and one of the largest storage hubs in the world. As demand has rebounded this year, holdings at the site have sunk to the lowest since 2018, with […]