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Oil Down, Assessment of Omicron’s Impact on Fuel Demand Continues -Breaking

by Mike Robinson

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© Reuters.

By Gina Lee

Investing.com – Oil was down Wednesday morning in Asia, giving up gains from earlier in the week. Investors still continue to evaluate the effects of the COVID-19 variant of the micron omicron on the demand for fuel, as well as the effectiveness of other vaccines.

They were at $71.83 by 10:18 ET (03:18 GMT), and down 0.3% to $75.19.

According to Hiroyuki Kikukawa, Nissan Securities’ general manager for research Hiroyuki Kikukawa said that after being oversold on concerns about Omicron’s impact last week, “there has been a correction in this week on signs the omicron might be mild.”

He added that “Investors are not yet fully optimistic” and they are waiting to see if omicron has a full impact.

Two doses of the drug are sufficient to provide this benefit. Pfizer Inc. (NYSE.)/BioNTech SE(F:) COVID-19 vaccination, Africa Health Research Institute head Alex Sigal announced Tuesday. GlaxoSmithKline PLC, (LON:), said Tuesday that sotrovimab was its co-developed antibody-based COVID-19 treatment. Vir Biotechnology Inc . (NASDAQ) It is effective against all variants of the micron variant.

The investors continue to watch the progress of talks between Iran, world powers and other countries to renew the 2015 nuclear agreement. Direct talks between Iran and the U.S. were resumed last Friday but fell apart on Friday. Talks are set to resume late this week.

A spokeswoman for the Federal Foreign Office said Monday that Germany had urged Iran to make realistic proposals during talks about its nuclear program.

Kikukawa stated that the investors were also keeping an eye on tensions between Russia & Ukraine as part of the negotiations. According to Reuters, the U.S. and Germany have apparently reached an agreement about closing down Nord Stream 2 in case Russia invades Ukraine.

Meanwhile, Tuesday’s showed a draw of 3.089 million barrels for the week ended Nov. 30. Investing.com had made forecasts for a build of 2.093 million barrels, but a draw of 747,000 barrels has been reported.

Investors await the announcement, expected later today.

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