# Oil soars 8.5% on promising Covid-19 vaccine results

> Brent rose about 7.9% and WTI settled up 8.5% on Monday after Pfizer reported its experimental COVID-19 vaccine was more than 90% effective. Saudi Arabia also said the OPEC+ output cut deal could be adjusted to balance the market.

- Date: 2020-11-09 · published 2020-11-09T12:00:00.000Z
- Category: macro · region Global · magnitude high
- Page: https://feedsoft.ai/events/11791-oil-soars-8-5-on-promising-covid-19-vaccine-results
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

The vaccine news improved demand prospects, while the possibility of OPEC+ supply adjustments added to the case for tighter supply, both pointing to higher energy prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-11-09 | 1 | +7.5% | 4.1 | Pfizer/BioNTech vaccine efficacy above 90% lifted expected demand recovery, driving Brent up about 7.9% on Nov 9, matching the move. |
| DIESEL | 2020-11-09 | 1 | +6.2% | 3.9 | Crude jumped on vaccine efficacy results and Saudi comments on flexible OPEC+ cuts, supporting supply-tightening and demand optimism that lifted diesel. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-11-16 | [Oil jumps 4 percent on upbeat COVID-19 vaccine news \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/50318-oil-jumps-4-percent-on-upbeat-covid-19-vaccine-news-oil-and-gas-news-al-jazeera.md) | +5.1% | +17.5% |
| WTI | 2020-11-09 | [Oil price crests $41 on vaccine-fueled market rally](https://feedsoft.ai/events/11795-oil-price-crests-41-on-vaccine-fueled-market-rally.md) | +8.0% | +23.5% |
| WTI | 2020-11-09 | [OIL FUTURES: Oil prices surge as market eyes COVID-19 vaccine breakthrough \| S&P Global](https://feedsoft.ai/events/11792-oil-futures-oil-prices-surge-as-market-eyes-covid-19-vaccine-breakthrough-s-and.md) | +8.0% | +23.5% |
| WTI | 2020-12-03 | [Loonie rises to highest point in 2 years on vaccine optimism, oil prices \| CBC News](https://feedsoft.ai/events/49871-loonie-rises-to-highest-point-in-2-years-on-vaccine-optimism-oil-prices-cbc-news.md) | +0.5% | +7.0% |
| WTI | 2020-11-24 | [Oil jumps 4%, hits highest level since March on vaccine optimism](https://feedsoft.ai/events/50315-oil-jumps-4-hits-highest-level-since-march-on-vaccine-optimism.md) | +3.7% | +9.5% |
| BRENT | 2020-11-16 | [Oil jumps 4 percent on upbeat COVID-19 vaccine news \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/50318-oil-jumps-4-percent-on-upbeat-covid-19-vaccine-news-oil-and-gas-news-al-jazeera.md) | +5.3% | +18.6% |
| BRENT | 2020-11-09 | [Oil price crests $41 on vaccine-fueled market rally](https://feedsoft.ai/events/11795-oil-price-crests-41-on-vaccine-fueled-market-rally.md) | +8.7% | +26.9% |
| BRENT | 2020-11-09 | [OIL FUTURES: Oil prices surge as market eyes COVID-19 vaccine breakthrough \| S&P Global](https://feedsoft.ai/events/11792-oil-futures-oil-prices-surge-as-market-eyes-covid-19-vaccine-breakthrough-s-and.md) | +8.7% | +26.9% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/11/09/oil-markets-coronavirus-uselection.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.