Screens at the London Stock Exchange in London, the UK. Picture: BLOOMBERG/LUKE MACGREGOROil 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 and adding to worries about oil demand.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.
Fed chair Jerome Powell will also tell US lawmakers later in the day the variant could imperil economic recovery, prepared remarks show. Oil plunged about 12% on Friday along with other markets on fears that the heavily mutated Omicron would spark fresh lockdowns and dent global oil demand. It is still unclear how severe the new variant is.
“We think the group will lean towards pausing output hikes in light of the Omicron variant and the oil stockpile release by major oil consumers,” Commonwealth Bank commodities analyst Vivek Dhar said in a note.
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Moderna says shot for Omicron variant could be ready in early 2022Chief medical officer Paul Burton says mRNA vaccines can be adjusted quickly
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