# OIL FUTURES: Oil prices surge as market eyes COVID-19 vaccine breakthrough | S&P Global

> WTI settled $3.15 higher at $40.29 a barrel and Brent gained about $2.95 on November 9 after Pfizer and BioNTech reported a phase 3 vaccine efficacy above 90%. Prices pulled back during the session as New York COVID-19 cases rose sharply.

- Date: 2020-11-09 · published 2020-11-09T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11792-oil-futures-oil-prices-surge-as-market-eyes-covid-19-vaccine-breakthrough-s-and
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Rising case counts limited the rally, so the price gain depends on whether near-term demand losses from lockdowns outweigh the longer-term vaccine outlook. This keeps crude and diesel prices supported but volatile.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-11-09 | 1 | +7.5% | 4.1 | Brent gained about $2.95 on the vaccine efficacy news, though prices pulled back intraday on rising COVID cases. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2016-04-30 | [Futures File: Metals move fast; oil prices vary; beef market crumbles – Greeley Tribune](https://feedsoft.ai/events/11612-futures-file-metals-move-fast-oil-prices-vary-beef-market-crumbles-greeley.md) | -2.9% | +7.4% |
| WTI | 2026-03-06 | [Palm oil prices rise 4% as higher energy costs lift biofuel spread margins \| S&P Global](https://feedsoft.ai/events/20269-palm-oil-prices-rise-4-as-higher-energy-costs-lift-biofuel-spread-margins-s-and.md) | +18.2% | +39.2% |
| WTI | 2020-11-09 | [Oil soars 8.5% on promising Covid-19 vaccine results](https://feedsoft.ai/events/11791-oil-soars-8-5-on-promising-covid-19-vaccine-results.md) | +8.0% | +23.5% |
| WTI | 2021-08-24 | [Crude oil futures extend gains after overnight vault as outlook improves \| S&P Global](https://feedsoft.ai/events/12114-crude-oil-futures-extend-gains-after-overnight-vault-as-outlook-improves-s-and.md) | +5.5% | +7.4% |
| 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 | 2026-03-06 | [Palm oil prices rise 4% as higher energy costs lift biofuel spread margins \| S&P Global](https://feedsoft.ai/events/20269-palm-oil-prices-rise-4-as-higher-energy-costs-lift-biofuel-spread-margins-s-and.md) | +16.6% | +35.6% |
| BRENT | 2020-11-09 | [Oil soars 8.5% on promising Covid-19 vaccine results](https://feedsoft.ai/events/11791-oil-soars-8-5-on-promising-covid-19-vaccine-results.md) | +8.7% | +26.9% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/110920-oil-futures-oil-prices-surge-as-market-eyes-covid-19-vaccine-breakthrough

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