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Oil 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.
HONG KONG (AFP): Asian investors began edging back into the market on Tuesday (Nov 30) after a two-day sell-off fuelled by fears about the impact of Omicron on the global recovery, while oil extended its rebound, though uncertainty continues to hang over trading floors.
NEW YORK: Oil pared gains late on Monday, but finished the session higher as investors viewed Friday's slump in oil and financial markets as overdone absent more data on the Omicron coronavirus variant.
PROBABLY the most sensible thing to happen in recent days in the crude oil market is the decision by Opec and its allies to postpone technical meetings to later this week to give themselves time to assess the market.
LONDON (Reuters) - Oil rebounded by almost 5% on Monday to US$76 a barrel as some investors viewed Friday's slump in oil and financial markets on concern about the Omicron coronavirus variant as overdone.
Oil rebounded by almost 5% on Monday to US$76 a barrel as some investors viewed Friday's slump in oil and financial markets on concern about the Omicron coronavirus variant as overdone.
HONG KONG (AFP): Asian markets fell again Monday (Nov 29) but oil rebounded strongly as investors try to assess the threat of the new Omicron Covid strain on the global economic recovery.
SYDNEY: Asian markets were trying to regain some composure on Monday as the spread of the Omicron variant in developed nations threatened to derail economic recoveries and the tightening plans of some central banks.
LONDON:OPEC and its allies have postponed technical meetings to later this week, giving themselves more time to assess the impact of the new Omicron coronavirus variant on oil demand and prices, according to Opec+ sources and documents.