Oil headed for the biggest monthly loss since the early days of the coronavirus pandemic as investors weighed risks posed by the new omicron variant, with a top drugmaker saying the world may now need new vaccines. West Texas Intermediate plunged 3%, failing to hold on to early gains, as global benchmark Brent also tumbled. There is no way current shots will provide the same level of protection against omicron as they do against delta, Moderna Inc. Chief Executive Officer Stephane Bancel told the Financial Times. Crude’s losses formed part of a broad retreat in risk assets as equities and copper also sank, while gold rose. Oil has sunk 19% in November, set for the biggest monthly loss since March 2020, when the onset of the pandemic crushed global consumption. Investors are now seeking clues about the challenge posed by omicron, and how producers will respond. The Organization of […]