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Global markets down, oil slumps on Omicron vaccine warning

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Al-Araby

World stocks and oil prices slid Tuesday after Moderna warned current vaccines might be less effective at fending off the Omicron variant, and eurozone inflation spiked to a record high. Frankfurt, London and Paris followed Asia in closing sharply lower, with sentiment dogged by fears of fresh economic fallout from the long-running Covid crisis. Oil slumped back in New York with WTI down 5.1 percent a barrel at $66.38 — a three-month low — while Brent crude was off 3.80 percent at $70.65. The tumble followed the Moderna remarks, which have reignited fears over how the Omicron variant spread … read more

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