Oil clawed back some losses after plunging more than 6% over the previous two sessions on nervousness the rapid spread of the omicron virus variant will lead to more lockdowns and restrictions on movement. Against this backdrop, the OPEC+ alliance will decide on their supply policy for January later on Thursday. With oil prices already in a bear market as omicron imperils demand, traders widely expect the producer group to defer a modest increase in output. West Texas Intermediate rose toward $67 a barrel in Asia after briefly swinging into the red earlier. A weakening price structure along the curve suggests crude’s fundamentals have softened. There’s also been a sharp upsurge in volatility, with trading volumes surging and retail investors jumping into the market. Oil has dropped more than 20% since late October on a White House-led coordinated reserves release and, more recently, the new virus variant. An increasingly […]