Oil prices tumbled nearly 5% on Tuesday after Moderna’s chief cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant, spooking financial markets and adding to worries 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 have been against the Delta variant.
Brent crude futures fell $2.76, or 3.76%, to $70.68 a barrel at 1338 GMT after slipping to an intraday low of $70.22, their lowest since late August.
U.S. West Texas Intermediate (WTI) crude futures fell $2.86, or 4%, close to $67 a barrel, after falling to a session low of $66.51.
