Oil closed at its highest level in almost four months before the U.S. holiday weekend, cheered by signs the world’s biggest economy is recovering from coronavirus-related lockdowns, even as fears linger over a resurgence. Prices strengthened after a Labor Department report showed that payrolls rose by 4.8 million in June and the previous month was revised higher. That built on gains on Wednesday from a bigger-than-expected drop in U.S. crude stockpiles as well as plunging output from OPEC producers. But further upside may be limited as fresh outbreaks of the virus are reported across the nation, prompting some states to pause or even reverse re-opening measures. “The higher than expected increase in non-farm payrolls is supportive on the heels of yesterday’s larger than expected crude draw,” said Michael Hiley, head of over-the-counter energy trading at New York-based […]