Oil edged higher after a broader market selloff on Monday as investors assessed the outlook for demand amid the rapid spread of omicron. Futures in London climbed near $72 a barrel on Tuesday after falling almost 5% over the past two days. Prices tumbled in the previous session on concerns about rising infections and after President Joe Biden’s economic plan suffered a setback. While the omicron variant of the virus hasn’t had a big impact on demand so far, there are fears that it may lead to renewed lockdowns. Crude’s rebound from the pandemic has faltered toward the end of the year, in part due to the emergence of the new Covid-19 strain ahead of winter. The oil market structure is flashing bearish signs, indicating near-term over-supply, which may require OPEC+ to act when they meet next month. “The big story is really the spread of omicron,” said John […]