Oil Prices Are Falling After Statements From Moderna

Oil prices retreated, giving up gains on Tuesday, November 30, dropping by more than two dollars, as financial markets declined in general after an interview with the CEO of Moderna raised doubts about the effectiveness of anti-Corona vaccines against the new mutant Omicron.

The president of Moderna Pharma told the Financial Times that it is unlikely that Covid-19 vaccines will be as effective against Omicron as against the previous mutant, Delta.

Brent crude futures fell $1.82, or 2.5%, to $71.62 a barrel. West Texas Intermediate crude futures fell $1.61, or 2.3%, to $68.34 a barrel.

It is noteworthy that the oil price had plunged by about 12% on Friday, with other markets declining amid fears that the spread of the new mutation would provoke a new closing wave and limit global growth, which would harm the demand for oil.