Oil prices fall, continue to assess the impact of Omicron on fuel demand Investing.com

© Reuters.

Gina Lee

Investing.com-Oil prices fell in early Asian trading on Wednesday, giving back the gains made earlier this week. Investors continue to evaluate the impact of omicron COVID-19 variants on fuel demand and the effectiveness of current vaccines.

As of 10:18 pm Eastern Time (3:18 am GMT), it was down 0.33% to $75.19 and down 0.31% to $71.83.

“After being oversold last week due to concerns about the impact of Omicron, there was a correction this week because there are signs that Omicron may be moderate,” Nissan Securities Research General Manager Hiroyuki Kikukawa told Reuters.

“But investors are still not completely optimistic. They take a wait-and-see attitude until they understand the full impact of omicron,” he added.

Provided by two doses Pfizer Inc. (NYSE:)/BioNTech SE (F:) COVID-19 vaccine, Alex Sigal, head of research at the Institute of African Health, said Tuesday.At the same time, GlaxoSmithKline (London:) said on Tuesday that its antibody-based COVID-19 therapy sotrovimab is compatible with For biotech companies . (Nasdaq:), effective for all mutations of omicron variants.

Investors also continue to follow the negotiations between Iran and world powers to revive the 2015 nuclear agreement. Indirect talks between the United States and Iran resumed a week ago, but were interrupted on Friday, and are scheduled to resume later this week.

A spokesman for the Federal Ministry of Foreign Affairs said on Monday that Germany urges Iran to make realistic proposals in the negotiations on its nuclear program.

Kikukawa said that apart from the talks, investors are still paying attention to the tensions between Russia and Ukraine. According to Reuters, it is reported that if Russia invades Ukraine, the United States has reached an understanding with Germany on the closure of the Beixi 2 pipeline.

At the same time, data on Tuesday showed that crude oil inventories for the week ended November 30 were 3.089 million barrels. The forecast compiled by Investing.com forecasts an increase of 2.093 million barrels, compared with 747,000 barrels of inventory reported the previous week.

Investors are waiting now, due later in the day.

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