West Texas Intermediate consolidates as Omicron panic recedes

November 30, 2021 - 2 months ago
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West Texas Intermediate (WTI) oil direction remains uncertain after Friday’s prices plummeted US$10 a barrel, its largest one-day drop since April 2020, as investors worry about the spread of the newly-discovered Omicron COVID-19 variant.

Moderna shares jumped +12%, adding to their gains after the stock surged more than +20% on Friday.

The biotech company has said it is working to rapidly advance an Omicron-specific booster candidate.

With the demand outlook remaining cloudy, expectations are growing that the Organization of the Petroleum Exporting countries, Russia and their allies, together called OPEC+, due to meet on Dec. 2, will put on hold plans to add 400,000 barrels per day (bpd) of supply in January.

However, with a neutral assessment in place in the short term, the technical assessment remains buckled and negative.

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