Oil bounced back after tumbling below $30 a barrel for the first time in 12 years. A persistent oversupply means prices still haven’t staved off the threat of further declines. Futures rose as much as 2.2 percent in New York, after dropping 3.1 percent on Tuesday. While the industry-funded American Petroleum Institute was said to report U.S. inventories fell 3.9 million barrels last week, government data on Wednesday is forecast to show supplies expanded. The world is now “ confronting $20 oil ,” according to Citigroup Inc. “The big picture for the market is still oversupply,” David Lennox, an analyst at Fat Prophets in Sydney, said by phone. “It’s going to be a tough couple of months for prices, $30 oil is very painful.” Crude lost 18 percent the previous seven sessions, the most since 2009, as volatility in Chinese markets fueled a rout in global equities and U.S. […]