- Oil futures continued their retreat as uncertainty surrounding the new omicron variant had traders worried about the impact on oil demand
- West Texas Intermediate is headed for the biggest monthly loss since the early days of the pandemic
- Moderna CEO Stephanie Bancel said the world may now need new vaccines as current shots won’t provide the same level of protection against omicron as they do against delta, according to an interview with the Financial Times
- Talks between Iran and other world powers to restart the 2015 nuclear deal began Monday positively, according to a top European diplomat (BBG)
- Tehran is showing it’s ready to engage in “serious work” over the coming weeks to reach an agreement, the diplomat said
- A long hard road remains with U.S. officials increasingly pessimistic of their chances of striking an accord with Iran’s new hardline government, according to Bloomberg
- A key Middle East crude grade collapsed on Monday in a warning sign only two days before the OPEC+ meeting on supply (Bloomberg)
- Oman crude of January loading fell to a premium of only 60c/Bbl over the regional benchmark on the Dubai Mercantile Exchange. That’s down from $2.20 on Friday and $3/Bbl before that
- The plunge is likely to catch the attention of OPEC+, which will decide output levels for January on December 1
- There are signs of a weakening supply and demand in the region as multiple oil cargoes are unsold and still available, according to traders