Oil slumps on jitters over vaccine efficacy | Reuters
Oil prices tumbled more than 3% on Tuesday after Moderna's CEO cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant, spooking financial markets.
The head of drugmaker Moderna 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. read more
Brent crude futures fell $2.32, or 3.2%, to $71.12 a barrel at 0729 GMT after slipping to an intraday low of $70.52, the lowest since Sept. 1. U.S. West Texas Intermediate (WTI) crude futures fell $2.15, or 3.1%, to $67.80 a barrel, off a session low of $67.06, the weakest since Aug. 26.
The Moderna CEO's comments were just a catalyst for the market which was already weak, said a Singapore oil trader who declined to be named due to company policy.
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