Singapore/London: oil prices After fell more than 3% on Tuesday ModernCEO casts doubt on efficacy of COVID-19 vaccines omicron The coronavirus version, scaring financial markets and adding to concerns about oil demand.
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 are against the delta variant.
Brent crude futures fell $2.32, or 3.2%, to $71.12 a barrel by 0912 GMT, having slipped to an intraday low of $70.52, the lowest level since September 1.
US West Texas Intermediate (WTI) crude futures fell $2.15, or 3.1%, to $67.80 a barrel, their weakest since Aug. 26 from a session low of $67.06.
Fed Chairman Jerome Powell US lawmakers will also be told later in the day that the version could jeopardize economic recovery, prepared remarks suggest.
UBS’s Paul Donovan said in a note, “The economic impact is driven by fear, and by the policy response … Fear is affecting travel. There are outright restrictions. But there is also the fear of being stranded, causing travel plans to change.” She goes.” ,
Oil fell nearly 12% on Friday, along with other markets, on fears that the heavily muted Omicron would see fresh lockdowns and a dent in global oil demand. It’s still unclear how serious the new version is.
With a weak demand outlook, hopes are rising that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, will put a halt to a plan to add 400,000 barrels per day (bpd) to supply in January.
“We expect the group to lean towards restraining production increases in the light of Omicron variants and release of oil reserves by major oil consumers,” Commonwealth Bank commodities analyst Vivek Dhar said in a note.
Pressure was already mounting within OPEC+, due to a meeting on December 2, last week by the United States and other major oil-consuming countries to release emergency crude stockpiles to address rising prices. After that to reconsider your supply plan.
“After the Global Strategic Reserve release and the announcement of dozens of countries restricting travel … OPEC and its allies can easily justify production interruptions or minor cuts,” OANDA analyst Edward Moya said in a note.
Still, Citi analysts expect OPEC+ to continue adding more barrels in January.
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 are against the delta variant.
Brent crude futures fell $2.32, or 3.2%, to $71.12 a barrel by 0912 GMT, having slipped to an intraday low of $70.52, the lowest level since September 1.
US West Texas Intermediate (WTI) crude futures fell $2.15, or 3.1%, to $67.80 a barrel, their weakest since Aug. 26 from a session low of $67.06.
Fed Chairman Jerome Powell US lawmakers will also be told later in the day that the version could jeopardize economic recovery, prepared remarks suggest.
UBS’s Paul Donovan said in a note, “The economic impact is driven by fear, and by the policy response … Fear is affecting travel. There are outright restrictions. But there is also the fear of being stranded, causing travel plans to change.” She goes.” ,
Oil fell nearly 12% on Friday, along with other markets, on fears that the heavily muted Omicron would see fresh lockdowns and a dent in global oil demand. It’s still unclear how serious the new version is.
With a weak demand outlook, hopes are rising that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, will put a halt to a plan to add 400,000 barrels per day (bpd) to supply in January.
“We expect the group to lean towards restraining production increases in the light of Omicron variants and release of oil reserves by major oil consumers,” Commonwealth Bank commodities analyst Vivek Dhar said in a note.
Pressure was already mounting within OPEC+, due to a meeting on December 2, last week by the United States and other major oil-consuming countries to release emergency crude stockpiles to address rising prices. After that to reconsider your supply plan.
“After the Global Strategic Reserve release and the announcement of dozens of countries restricting travel … OPEC and its allies can easily justify production interruptions or minor cuts,” OANDA analyst Edward Moya said in a note.
Still, Citi analysts expect OPEC+ to continue adding more barrels in January.
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