Oil edged higher but pared earlier gains as the risk of renewed lockdowns crimping demand in the near-term restrained a vaccine-driven rally. Futures in New York closed slightly higher Wednesday, retreating from an earlier two-month intraday high. In addition to Monday’s vaccine news, the market is finding some support with OPEC and its allies zeroing in on a delay to next year’s planned oil-output increase of three to six months. The organization earlier cut estimates for the amount of crude it will need to provide in the coming year. Still, virus cases from Europe to the U.S. continue to rise. Tougher restrictions in New York and record U.S. hospitalizations provided more warning signs of growing demand risks as the world awaits a vaccine rollout. At the same time, Libya boosted oil output to more than 1.1 million barrels a day, […]