Oil’s rally faltered after U.S. crude stockpiles rose modestly amid renewed pledges from President Joe Biden to try to curb prices. Futures in New York edged lower, closing below $87 a barrel. Domestic crude stockpiles rose last week for the first time in eight weeks, according to an Energy Information Administration report. Despite the mixed picture on overall inventory figures, U.S. demand shows signs of still running hot. The total volume of oil products supplied to the market was the highest for the time of year in at least 30 years. “We might have some price shocks higher in the near term,” said Quinn Kiley, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets. But by the second half of this year, or early 2023, “we are going to see supply respond to meet that increased demand and have a more balanced market.” […]