Oil extended declines — falling more than 5% — hampered by the rapid spread of the omicron virus variant and turmoil for President Joe Biden’s economic plans. Futures in London tumbled below $70 a barrel, as wider markets also retreated. Infections are rising from the U.S. to Europe as authorities struggle to tame the spread of omicron . That’s led to restrictions on air travel and stricter curbs on movement, creating fears that will flow through to weaker energy demand, though there’s no sign of the massive hit seen early last year just yet. In the U.S., Senator Joe Manchin blindsided the White House on Sunday by rejecting Biden’s roughly $2 trillion tax-and-spending package, leaving Democrats with few options for reviving it. Goldman Sachs Group Inc. economists cut their U.S. economic growth forecasts after the move. Oil’s market structure is also showing signs of weakness. The prompt timespread for […]