Oil gains before US stockpiles data as China tackles Omicron variant

Oil rose as traders looked ahead to clues on US stockpiles, while monitoring China’s efforts to contain the spread of Omicron.
 
West Texas Intermediate (WTI) added 0.9 per cent after capping a two-day drop. The industry-funded American Petroleum Institute releases its weekly report on US inventories later on Tuesday.
 
Nationwide holdings have sunk for the past six weeks to the lowest since September, show the official data. Separately, the Energy Information Administration (EIA) issues its short-term market outlook.
 
Crude oil has made a positive start to 2022 on expectations demand will continue to expand as the pandemic