Oil rose for a second day after US crude and gasoline stockpiles declined further as motorists prepare to take to the road for the summer driving season. West Texas Intermediate futures surpassed $111 a barrel after data on Wednesday showed crude inventories at the storage hub in Cushing, Oklahoma, slumped to the lowest since March, and that motor fuel supplies declined to the lowest seasonal level since 2014. Global crude markets have been tightened by a combination of rebounding demand and disruption to Russian supplies. “The fundamental backdrop is getting price supportive as the driving season is approaching,” said Tamas Varga, an analyst at brokers PVM Oil Associates Ltd. in London. “The summer might be hot — and not just temperature-wise.” American retail gasoline prices have repeatedly broken records in the run-up to the driving season that starts this weekend. However, motor fuel demand is showing some signs of […]