Oil rebounded as industrial activity in virus-hit China picked up, and a report pointed to a decline in U.S. crude stockpiles. West Texas Intermediate rose toward $104 a barrel after losing more than 5% on Tuesday. In China’s leading commercial hub of Shanghai, carmakers to supermarkets are now starting to resume their operations as the key city seeks to recover from the economic toll of an unprecedented lockdown. The industry-funded American Petroleum Institute reported that U.S. crude stockpiles declined by about 4.5 million barrels last week, according to people familiar with the data. If confirmed by government figures due Wednesday that would be the biggest drop in nationwide holdings since early February. Oil rallied to the highest level since 2008 last month in the initial aftermath of Moscow’s invasion. Since then, crude has seen volatile trading as investors gauge moves by the U.S. and U.K. to ban […]