Oil edged lower amid nervousness around the rapid spread of the omicron virus variant and strength in the dollar. Brent reversed earlier gains to trade 0.2% lower. West Texas Intermediate, which didn’t trade Friday due to a U.S. holiday, fell. An advance in the dollar reduced the appeal of commodities like oil that are priced in the currency. The volume of daily U.S. infections with omicron has now surpassed those in the delta wave, while China posted the highest number of cases since January. Still, Brent’s near-term market structure signaled an improved outlook. Traders were also monitoring a planned 100,000 kiloliter, or around 630,000-barrel, crude sale from Japan’s strategic reserves. The move is part of Tokyo’s plans to sell oil in coordination with other nations and more sales may follow as energy markets are monitored, according to a trade ministry official. Crude’s rally from the depths of the […]