11/30/2021, 10:18 AM (Source: TeleTrader)
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Oil drops 3%, lands at 3-month low on virus worries

Prices of oil futures lost 3% on Tuesday, landing at the lowest level since August 24, with the sentiment among the traders seemingly impacted by worries regarding the newly-detected Omicron variant of COVID-19.

Federal Reserve Chair Jerome Powell warned that the new strain could impact the United States' economic outlook, while Moderna Inc. CEO Stephane Bancel predicted that the existing coronavirus vaccines might work less efficiently against Omicron.

West Texas Intermediate (WTI) for settlements in January plunged 3.07% to sell for $67.85 per barrel at 4:07 am ET, while Brent for deliveries in the same month tumbled 3.09% to go for $71.17 a barrel a minute later.

Baha Breaking the News (BBN) / BU