Oil eked out a gain, climbing in tandem with equities, as traders weighed the Federal Reserve’s shift to tighter monetary policy to battle inflation. Futures in New York closed up 0.2%, reversing earlier losses of as much as 1.9% on Wednesday. The central bank said it will double the pace at which it’s scaling back purchases of Treasuries and mortgage-backed securities, a move that was largely priced into risk assets already. Prices weakened earlier in the session, pressured by the spread of the omicron Covid-19 variant and constraints on travel. The U.K. reported the most new daily coronavirus cases since the pandemic began, underscoring the new strain’s high rate of transmission. That’s adding to the conviction that inventories will accumulate more rapidly next year. “Supply has finally caught up with demand and this trend is forecast to intensify heading into 2022,” said Stephen Brennock, an analyst at brokerage PVM […]