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Bloomberg
Oil falls as fears that omicron variant may resist vaccines sent risk assets tumbling.
Futures in New York fell as much as 4.9% as part of a broader retreat among commodities and equities as a top drugmaker reiterated warnings that the new strain could withstand existing inoculations.
Brent crude also tumbled, with the price structure of the global benchmark crumbling as underlying fundamentals came under pressure.
Moderna Inc Chief Executive Officer Stephane Bancel said the world may now need new vaccines as current shots won’t provide the same level of protection against omicron as they do against delta, according to an interview with the Financial Times.
Oil has slumped almost 20% in November, set for the biggest monthly loss since March 2020, when the onset of the pandemic crushed global consumption. Investors are now seeking clues about the challenge posed by the omicron variant and how producers will respond.
The Organisation of Petroleum Exporting Countries and its allies will decide on Thursday whether to pause a run of monthly supply hikes.