Oil pared some of its second consecutive weekly loss, casting relief at the end of a week burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves. West Texas Intermediate rose toward $85 a barrel, but is still down more than 2% this week after hitting the lowest since January. There’s concern consumption will take a hit as central banks raise rates and China sticks to its Covid Zero strategy. The dollar’s rally to a record has also been a headwind, though the greenback fell sharply Friday while risk assets rallied . Despite the current bout of market weakness, US officials are hunting for ways to head off a feared spike in oil prices later this year, including the possibility of an additional release from strategic crude reserves . The officials are warning of a potential increase in prices […]