Oil Drops 3% over Vaccine Efficacy Doubt
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Doubt cast by the ineffectiveness of COVID-19 vaccines on the mutated version, Omicron, causes oil prices to drop.
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Oil plunged around 12% on Friday
Oil prices decreased nearly 3% on Tuesday after Moderna's CEO cast doubt on whether COVID-19 vaccines are effective against the new coronavirus variant, Omicron, casting doubt over oil demand.
Moderna Chief told the Financial Times that COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been against the Delta variant.
Brent crude futures fell $2.15, or 2.9%, to $71.29 a barrel at 1123 GMT after dropping to a low of $70.52, the lowest since Sept. 1, according to Reuters.
US West Texas Intermediate (WTI) crude futures fell $1.83, or 2.6%, to $68.12 a barrel, off a session low of $67.06, the weakest since Aug. 26.
Oil plunged around 12% on Friday along with other markets fearing that Omicron would lead to fresh lockdowns and affect global oil demand.
