Oil slumps on Omicron fears; posts biggest monthly fall in 20 months

Brent crude futures fell US$2.87, or 3.9%, to settle at $70.57 a barrel, after hitting an intraday low of $70.22, lowest since August.

NEW YORK: Oil prices tumbled on Tuesday after Moderna's chief cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant, spooking financial markets and heightening worries about oil demand.

Crude futures ended November with their biggest monthly declines since the outset of the pandemic, as the new variant, along with expectations that coming emergency reserve releases will juice growing supply, has cut the legs out of the market's year-long rally.