MELBOURNE (Reuters) – Oil prices climbed on Tuesday, extending a rebound from last week’s plunge on growing expectations major producers would pause plans to add crude supply in January amid uncertainty over the severity of the Omicron coronavirus variant. U.S. West Texas Intermediate (WTI) crude futures jumped 99 cents, or 1.4%, to $70.94 a barrel at 0105 GMT, adding to a 2.6% rise on Monday. Brent crude futures climbed 82 cents, or 1.1%, to $74.26 a barrel, after gaining 1% on Monday. Oil plunged around 12% on Friday along with other markets on fears the heavily mutated Omicron would spark fresh lockdowns and dent global growth. The World Health Organization said on Monday Omicron posed a very high risk of infection surges, and several countries stepped up travel curbs. It is still unclear how severe the new variant is and whether it can resist existing vaccines. With the demand outlook under a cloud, 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. “We think the group will lean towards pausing output hikes in light of the Omicron variant and the oil stockpile release by major oil consumers,” Commonwealth Bank commodities analyst Vivek Dhar said in a note. Pressure was already growing within OPEC+ to reconsider its supply plan after last week’s release of emergency crude reserves by the United States and other major oil-consuming nations to address soaring prices. “Following the global strategic reserve releases and the announcement of dozens of countries restricting travel to and from South Africa and neighbouring nations, OPEC and its allies can easily justify an output halt or even a slight cut in production,” OANDA analyst Edward Moya said in a note. Also weighing on the market is the prospect of a resumption of oil exports from Iran, following upbeat comments from diplomats as talks resumed on Monday between world powers and Iran on reviving a nuclear pact. NN: As you know we cut a fat hog in the ass on Friday. But we are in a wait and see mode. The smart money is undecided. For me we need more information….. When you are not clear in your market conviction stand aside. I never recommend a trade unless i am as sure as i can be. Right now i am on cook… Its not soup yet…….
FINALLY CDC says all adults should get COVID-19 booster shots
- Previously, the CDC approved boosters for all vaccinated adults, but said priority should go to adults over 50.
- On Monday, director Rochelle Walensky strengthened that message, calling on all American adults to get extra shots.
- Walensky said boosters are key in light of the newly detected Omicron variant.
In light of global concerns about the Omicron variant of the coronavirus, the Centers for Disease Control and Prevention is recommending that all adults in the US get booster doses of a COVID-19 vaccine — to temporarily supercharge the nation’s immunity.
Everyone ages 18 and older should get an additional shot, either six months after their Pfizer or Moderna series or two months after their J&J jab, CDC director Rochelle Walensky said in a statement Monday.
The new recommendation marks a vigilant approach toward the emerging Omicron variant (B.1.1.529), which has been detected in the UK, Belgium, Israel, the Netherlands, Canada, Germany, and several more countries, since it was first identified in South Africa. “The issue with Omicron is that we’re concerned it might be partially immune-evading,” Dr. Celine Gounder, an infectious disease specialist and epidemiologist at NYU and Bellevue Hospital told Insider, explaining why she agrees with the change in the CDC guidance, given that Omicron is around. Though it’s unclear yet exactly how much of a threat Omicron poses to vaccinated people, “you can overcome some level of immune evasion with an increase in your antibody levels,” Gounder said. And that’s exactly what a booster shot does, it temporarily revs up a person’s immune response to the coronavirus, sending their antibody levels soaring to even higher levels than first or second shots. That extra bump might be needed, if it turns out that Omicron is more transmissible or more virulent than other versions of the virus that we’ve seen before. Getting as many adults boosted as possible in the US now buys the country more time to develop Omicron-specific vaccines, too, if it’s determined those are needed. Previously, the CDC approved boosters for all vaccinated adults — with the caveat that older folks needed them most. But since the emergence of the Omicron variant, the agency has shifted its approach to recommend boosters for everybody 18 and up. “I strongly encourage the 47 million adults who are not yet vaccinated to get vaccinated as soon as possible and to vaccinate the children and teens in their families as well because strong immunity will likely prevent serious illness,” Walensky said in the statement. “I also want to encourage people to get a COVID-19 test if they are sick. Increased testing will help us identify Omicron quickly.” The director also urged the public to follow proven prevention strategies to stop the spread of COVID-19, like wearing face masks, avoiding crowds, and staying home if you’re sick. NN: What assholes. As you know we have been urging subscribers to get their booster shot since early August. Now 5 months to late they finally scratched their ass and figured it out.They are not plumbers but suppose to be infectious disease experts. They probable paid off their professors and cheated on their exams. How else do you explain their stupidity…..
Fed’s Powell: Omicron to raise inflation uncertainty
The Omicron variant of Covid-19 could slow the recovery of the US economy and labor market and also heighten uncertainty regarding inflation, Federal Reserve Chair Jerome Powell said in testimony released Monday. Powell has consistently said the recent spike in inflation would be transitory, but acknowledged that the factors pushing US prices higher will “linger well into next year.” The comments to be delivered to the Senate Banking Committee on Tuesday indicate the central bank chief is growing more concerned about this year’s price increases, which has put pressure on the central bank to raise interest rates more quickly. The Fed slashed interest rates to zero in the early days of the pandemic and flooded the financial system with liquidity, which together with massive government aid helped to prevent a more damaging economic downturn. While the US economy has “continued to strengthen,” the resurgence of the pandemic has dragged on the recovery, starting with the arrival of the Delta variant over the summer, he said. The latest strain, which first emerged in South Africa, has jolted global policy and health officials as they scramble to determine if Omicron is more infectious or more serious, and whether current vaccines will be as effective. Financial markets tanked on Friday amid fears the global economy would suffer a severe setback, but rebounded on Monday. “The recent rise in Covid-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity, and increased uncertainty for inflation,” Powell said. “Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labor market and intensify supply-chain disruptions.” Those global snags have caused shortages of a variety of products, while pent up demand for goods also have contributed to a burst of price hikes.
Fauci says new U.S. restrictions amid Omicron unlikely
(Reuters) – The United States is unlikely to impose further restrictions amid the anticipated arrival of the Omicron COVID-19 variant, the nation’s top infectious disease official said on Monday after a travel ban on some southern African nations began.
Oil rebounds above $76 on speculation Omicron-related drop overdone
LONDON : Oil rebounded by more than 5per cent on Monday to above US$76 a barrel as some investors viewed Friday’s slump in oil and financial markets as overdone while the world awaits more data on the Omicron coronavirus variant. Top officials from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, echoed that view, with the Saudi energy minister quoted as saying he was not worried about the Omicron variant.The World Health Organization has said it could take weeks to understand the variant’s severity, though a South African doctor who has treated cases said symptoms seemed to be mild so far. Brent crude was up US$3.66, or 5per cent, at US$76.38 a barrel by 1444 GMT, having slid by US$9.50 on Friday. U.S. West Texas Intermediate (WTI) crude was up US$4.36, or 6.4per cent, at US$72.51, having tumbled by US$10.24 in the previous session. “We saw some correction as Friday’s plunge in oil prices has been overdone,” said Tatsufumi Okoshi, senior economist at Nomura Securities. Friday’s slide, the biggest one-day drop since April 2020, reflected fears that travel bans would hammer demand. The plunge was exacerbated by low liquidity owing to a U.S. holiday and the expected demand hit does not justify such a fall, analysts said. “The fear factor had its grip on financial markets on Friday,” said Norbert Ruecker of Swiss bank Julius Baer. “Fundamentally, the announced and enacted international air travel constraints cannot explain such a sharp slump.” A semblance of calm also returned to wider markets on Monday as investors awaited more information about the new variant. European and Wall Street shares rose while safe-haven bonds lost ground. “I can’t help but feel that Friday’s lows were probably the bargain of the year if you were an oil buyer, speculative or physical,” said Jeffrey Halley of brokerage OANDA. Omicron has created a new challenge for OPEC+, which meets on Dec. 2 to discuss whether to proceed with a scheduled January increase to oil output. OPEC+ has postponed technical meetings this week to gain time to assess Omicron’s impact. Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud on Monday said he was not worried about Omicron, Asharq Business reported, while his Russian counterpart said he sees no need for urgent action on the market. Also on the oil market’s radar this week, talks on reviving the 2015 Iran nuclear accord, which could add to global supply if a deal is reached.
Oil prices rebound 5% after massive sell-off….. US up premarket, Dow jumps 200 points
The prices of crude oil started recovering on Monday from a massive sell-off sparked by the detection of a new Omicron coronavirus strain that prompted governments to impose travel bans over the past week. While the World Health Organization warned people might have a higher risk of reinfecting with this coronavirus variant compared to known mutations, South African scientist Angelique Coetzee insisted the mutation causes mild COVID-19 symptoms. West Texas Intermediate (WTI) for settlements in January jumped by 5.17% to sell for $71.68 per barrel at 6:11 am ET, while Brent for deliveries in the same month soared by 4.66% to go for $76.11 a barrel.
US up premarket, Dow jumps 200 points
Equities on Wall Street traded higher in the premarket session on Monday, following last week’s massive sell-off triggered by fresh coronavirus concerns. Some states have already declared states of emergency over the variant, which officials indicated may be more transmissible than other strains. The Dow Jones jumped over 200 points, to settle for a gain of 0.50% at 4:22 am ET. At the same time, the Nasdaq 100 increased 1.11%. The S&P 500 rose 0.75% a minute later. The euro traded 0.34% lower against the dollar to change hands for $1.12867 at 4:23 am ET. NN: This will be a choppy week. With Thurday OPEC meeting and Fridays unemployment report.
U.S. stock futures, oil rally as mood lightens
https://youtu.be/h-4ipGGXAEY
SYDNEY (Reuters) – U.S. stock futures led a market rebound on Monday as investors prepared to wait a few weeks to see if the Omicron coronavirus variant would really derail economic recoveries and the tightening plans of some central banks.
Oil prices bounced more than $3 a barrel to recoup a chunk of Friday’s shellacking, while safe haven bonds and the yen lost ground as markets latched onto hopes the new variant of concern would prove to be “mild”.
While Omicron was already as far afield as Canada and Australia, a South African doctor who had treated cases said symptoms of virus were so far mild. “Another key difference is there are far higher vaccination take up rates globally now compared with when Delta emerged,” said Craig James, chief economist at asset manager CommSec. “What the news on Omicron does highlight is the need for central banks and governments to take a cautious approach to removal of economic support and stimulus.” Trading was erratic on Monday but there were signs of resilience as S&P 500 futures added 1.0% and Nasdaq futures 1.2%. Both indices suffered their sharpest fall in months on Friday with travel and airline stocks hit hard. European Central Bank President Christine Lagarde put a brave face on the latest virus scare, saying the euro zone was better equipped to face the economic impact of a new wave of COVID-19 infections or the Omicron variant. In commodity markets, oil prices bounced after suffering their largest one-day drop since April 2020 on Friday. “The move all but guarantees the OPEC+ alliance will suspend its scheduled increase for January at its meeting on 2 December,” wrote analyst at ANZ in a note. “Such headwinds are the reason it’s been only gradually raising output in recent months, despite demand rebounding strongly.” Brent rebounded 4.2% to $75.80 a barrel, while U.S. crude rose 5.1% to $71.61
Omicron variant causes mild symptoms – scientist
The newest variant of concern of the virus that causes COVID-19 causes unusual symptoms but those symptoms are mild, a top South African doctor says. Dr. Angelique Coetzee practices in Pretoria, the capital of South Africa, one of the countries where the Omicron CCP (Chinese Communist Party) virus variant was first detected earlier this month. Coetzee recalled seeing a variety of patients enter with symptoms not associated with other CCP virus strains, including a high pulse rate.
“Their symptoms were so different and so mild from those I had treated before,” Coetzee told The Telegraph.
Most of the patients who turned up to her clinic and have tested positive for COVID-19 felt tired. Other symptoms included sore muscles and a slight cough, Coetzee added to Sputnik. “There are no prominent symptoms. Of those infected, some are currently being treated at home,” she said. The most common symptoms from earlier variants include fever, dry cough, and loss of taste or smell, though some patients are known to have suffered from fatigue. A small subset of the infected require hospital care for their symptoms, and deaths are mostly among the elderly and people with serious underlying health conditions like obesity and kidney disease. People with the Omicron variant were also identified in Botswana and later detected in a slate of other areas, including Hong Kong, the United Kingdom, and the Netherlands. Many nations have barred or restricted travel from southern Africa over the variant, citing concerns that it’s more transmissible. But top South African scientists told reporters Friday that little is known yet about Omicron. Scientists are trying to gather more information about its transmissibility, whether it can evade immunity bestowed by vaccines or COVID-19 recovery, and whether it causes severe disease at a higher rate than other strains. “Information on the virus is still evolving and no major conclusions can be drawn as yet,” Dr. Christopher Nyanga, Botswana’s health secretary, said in a statement dated Nov. 26. Coetzee told The Guardian that experts weighing in how the variant may affect people were engaging in speculation.
“It may be it’s highly transmissible, but so far the cases we are seeing are extremely mild,” she said. “Maybe two weeks from now I will have a different opinion, but this is what we are seeing. So are we seriously worried? No. We are concerned and we watch what’s happening. But for now we’re saying, ‘OK: there’s a whole hype out there. [We’re] not sure why.’”
The United States ban on travelers from southern Africa was driven by a desire to better understand Omicron, health official Dr. Anthony Fauci said during a television appearance on Saturday. “We want to give us some time to really fill in the blanks of what we don’t know right now,” he said. South Africa on Saturday reported 3,220 new laboratory-confirmed COVID-19 cases, an increase of 9.2 percent from the prior day. Still, the average daily cases are down considerably from the summer, when it peaked around 11,500. Just 30 new hospital admissions with COVID-19 were reported in the last 24 hours, but another African expert warned that Omicron could lead to healthcare systems being overburdened. “I’m worried that as the numbers go up that public health institutions are going to be overwhelmed,” Rudo Mathivha, head of the intensive care unit at Soweto’s Baragwanath Hospital, told a recent briefing. Mathivha said the hospital is seeing different patients than earlier in the pandemic, including more younger people. NN: we are in a information gathering phase…….
OPEC postpones technical meetings to evaluate Omicron impact
Netherlands registers 13 Omicron strain cases France to tighten measures over Omicron variant… Australia registers 2 cases of Omicron variant
Dutch health authorities said on Sunday that 13 cases of the newly detected Omicron variant of COVID-19 have been registered in the country. The Dutch National Institute for Health (RIVM) noted that all the Omicron infections were confirmed among people who arrived in the country from South Africa, where the strain was first detected. The authorities added that a total of 61 people out of 600 who flew to the Netherlands on the last two flights before it imposed a travel ban tested positive for COVID-19 and are in isolation while sequencing is carried out to determine if they have the Omicron strain. “The new variant may be found in more test samples,” RIVM added.
France to tighten measures over Omicron variant
French Health Minister Olivier Veran said on Sunday that the country will tighten its COVID-19 measures due to the emergence of the Omicron variant. Speaking at a vaccination center in Paris, Veran stated the new strain is likely already in circulation in France even though no cases have been confirmed yet. “There is no identification yet, but it’s a matter of hours,” the minister stated.
Australia registers 2 cases of Omicron variant
Australian authorities said on Sunday that two cases of the new COVID-19 variant Omicron have been registered in the country. “The two positive cases, who were asymptomatic, are in isolation in the special health accommodation. Both people are fully vaccinated,” New South Wales Health stated. Australia is one of the countries with the strictest coronavirus measures and Health Minister Greg Hunt stressed that the government is considering imposing further restrictions due to the emergence of Omicron, a variant that scientists warned could be immune to existing vaccines.