Oil prices drop 3% | Gulf newspaper

Oil prices fell by more than three percent on Tuesday, after the CEO of “Moderna” pharmaceutical company raised doubts about the effectiveness of vaccines against “Covid-19” in the face of the new mutation of the Corona virus, “Omicron”, which frightened dealers in financial markets and increased fears about demand for oil.

The head of “Moderna” pharmaceutical company told the “Financial Times” that it is unlikely that “Covid-19” vaccines will be effective against “Omicron” to the same degree as it is effective against the previous mutant “Delta”.

Brent crude futures fell $2.32, or 3.2 percent, to $71.12 a barrel, its lowest since September 1.

The price of West Texas Intermediate crude futures fell $2.15, or 3.1 percent, to $67.80 a barrel, its lowest since August 26.

The oil price plunged about 12 percent on Friday, with other markets falling amid fears that the spread of the new mutation could trigger a new closing wave and limit global growth, which would hurt oil demand. (Reuters)

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