Oil extended gains from the highest close in three months as the US summer driving season ramps up and China emerges from virus lockdowns. West Texas Intermediate futures rose above $120 a barrel after settling 0.8% higher on Tuesday. Futures have fluctuated near a three-month high so far this week as banks including Goldman Sachs Group Inc. and Morgan Stanley underlined calls for higher prices in the coming months. On Tuesday, the American Petroleum Institute reported that US gasoline stockpiles rose by 1.82 million barrels last week, according to people familiar with the data. That’s unlikely to provide much relief to a tight fuel market, with inventories at the lowest seasonal level in years. The oil market has maintained its upward momentum this year as economies rebounded from the pandemic, though Russia’s invasion of Ukraine and a virus resurgence in China has led to extreme volatility at times. Beijing […]