Oil prices fell more than 3% Tuesday, after Moderna Pharmaceuticals raised doubts about the efficacy of vaccines against Covid-19 against the new mutant Omicron, which raised concerns about oil demand.
Sharjah 24- Reuters:
Oil prices fell more than 3 percent on Tuesday, after the CEO of Moderna Pharmaceuticals raised doubts about the efficacy of vaccines against Covid-19 in the face of the new mutation of the Corona virus, Omicron, which spooked financial market traders and raised concerns about oil demand.
The president of Moderna Pharmaceuticals told the Financial Times that it was unlikely that Covid-19 vaccines would be as effective against Omicron as it was against the previous mutant, Delta.
Brent crude futures fell $2.32, or 3.2 percent, to $71.12 a barrel at 0912 GMT, 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.
Federal Reserve Chairman Jerome Powell plans to inform Congress later on Tuesday that the new mutation could disrupt the economic recovery.
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