Oil gained as continuing uncertainty over the omicron virus variant’s impact on demand was countered by an increase in OPEC’s demand forecast for next quarter. Brent crude climbed toward $75 a barrel after closing down 1% on Monday. The Organization of Petroleum Exporting Countries boosted estimates for oil consumption in the first quarter by 1.1 million barrels a day in a monthly report from the group’s research department, but said it still sees a surplus. The future’s curve is indicating a worsening outlook for prices, however. The backwardation in Brent’s prompt timespread is inching toward a bearish contango structure — where near-dated contracts are cheaper than later ones. The spread was 14 cents a barrel in backwardation on Tuesday, compared with $1.04 a month earlier. Oil has staged a partial recovery this month after tumbling into a bear market at the end of November due to the emergence of […]