Oil extended gains on optimism the omicron virus variant may not be as bad as anticipated, easing concern over the demand outlook. Futures in New York advanced above $70 after closing almost 5% higher on Monday. Initial data shows that the surge in omicron cases hasn’t overwhelmed hospitals so far, but some nations have still implemented restrictions on travel that’s expected to crimp jet fuel demand. Meanwhile, companies lodged bids Monday for crude set to be released from the U.S. strategic reserve . In China, oil imports rose to a three-month high in November after refiners were allocated new quotas, according to government data. Overall exports also hit a record as external demand surged ahead of the year-end holidays. Oil is clawing back losses after sliding over the past six weeks in part due to the emergence of the new coronavirus variant and signs that major consumers would tap […]