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New varieties of crown infestation raise concerns about faster spread and lower oil prices and equity markets. – Now the market casts doubt on whether the vaccine will be effective enough to deal with new variants of the virus, says the Rystad analyst.
Illustration image of the Ekofisk field.
Carina johansen
As Europe and Norway prepare for large-scale vaccination against coronary heart disease, new variants of the virus are emerging in the UK and South Africa.
This creates a new concern and also affects the price of oil. After closing at $ 52 a barrel on Friday, the price of North Sea Brent oil fell 5.51 percent on Monday to $ 49.42 a barrel.
– The market had not set the price for the virus mutation. Now the market casts doubt on whether the vaccine will be effective enough to deal with new variants of the virus, oil analyst Bjørnar Tonhaugen at Rystad Energy tells E24.
He says that in the future larger fluctuations in the price of oil must be taken into account.
– Vaccines have a positive effect on the price of oil, but the deployment of the vaccine will not translate into higher demand for oil anytime soon. It takes time before demand for oil recovers permanently, as the launch of the vaccine can only allow countries to open their economies into the summer and beyond in the second half of the year, says Tonhaugen.
According to Bloomberg, the drop of two dollars a barrel is the worst in seven weeks.
The fall in oil also weakens the crown. A dollar costs 8.77 crowns, from 8.60 crowns overnight on Monday. One euro is worth 10.68 crowns, compared to 10.53 crowns last night.
Stock markets are falling in both the Nordic region and Europe, and stocks in aircraft, oil and banks, among others, have been affected.
- The Oslo Stock Exchange falls 2.8 percent
- Sweden’s OMXS30 is down 1.8 percent
- The Danish OMXH25 is down 2.64 percent
- The German Dax is down 2.96 percent
- The French CAC40 is down 2.84 percent
It affects oil, banking and aviation
In the main Oslo index, oil-related stocks such as PGS, DNO, BW Offshore and Golden Ocean are performing the most negative.
Oil giant Equinor is down 3.25 percent and Aker BP is down more than five percent.
However, Norwegian is defying the recession and is the most positive contributor on the Oslo Stock Exchange on Monday, with an increase of close to three percent.
Things are worse with airlines from other countries. In the UK, for example, British Airways owner IAG is down as much as 8.9 per cent. SAS stock fell 2.38 percent on the Oslo Stock Exchange.
In Frankfurt, shares in automakers Daimler, Volkswagen and BMW, as well as Deutsche Bank, are falling.
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