Oil prices gave up their gains on Tuesday, falling by more than two dollars as financial markets declined generally after a media report raised doubts about the effectiveness of COVID-19 vaccines against the new variant, Omicron. The CEO of Moderna, a pharmaceutical company, told the Financial Times that it is unlikely that COVID-19 vaccines will be as effective against Omicron as they were against the previous Delta variant.
Brent crude futures fell by $1.82, or 2.5%, to reach $71.62 per barrel by 06:05 GMT. West Texas Intermediate futures dropped by $1.61, or 2.3%, to $68.34 per barrel. Oil prices plummeted by about 12% on Friday as other markets declined amid fears that the spread of the new variant might trigger a new wave of lockdowns, limiting global growth and harming oil demand.
Moderna’s Chief Medical Officer, Paul Burton, believes that the new variant of the coronavirus, referred to as Omicron, may evade current vaccines. He stated that if this suspicion is confirmed, a reformulated dose will be developed and made available early in the new year. Burton added to the BBC, "We need to understand how well the current vaccine will provide protection in the next two weeks." He noted, "If we have to create a completely new vaccine, I think it will be early 2022 before it is available in substantial quantities," emphasizing the remarkable ability of mRNA vaccines to move quickly.
