# Oil gains more than 2% as vaccine hopes outweigh lockdown impact

> Brent rose 53 cents to $42.93 and WTI settled up 2.7% on Tuesday as vaccine hopes outweighed the expected demand hit from new lockdowns. Both benchmarks had jumped about 8% the previous day.

- Date: 2020-11-10 · published 2020-11-10T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11793-oil-gains-more-than-2-as-vaccine-hopes-outweigh-lockdown-impact
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Traders see the vaccine as a longer-term demand support, but mass rollout is months away, so near-term lockdown demand losses cap the upside for crude and diesel.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-11-09 | [Oil prices are surging on hopes that a vaccine will end lockdowns \| Fortune](https://feedsoft.ai/events/11797-oil-prices-are-surging-on-hopes-that-a-vaccine-will-end-lockdowns-fortune.md) | +8.0% | +23.5% |
| WTI | 2020-12-02 | [Oil jumps more than 1% on UK vaccine approval, ongoing OPEC talks](https://feedsoft.ai/events/49828-oil-jumps-more-than-1-on-uk-vaccine-approval-ongoing-opec-talks.md) | +2.4% | +8.4% |
| WTI | 2020-02-19 | [Canadian dollar gains as oil rallies on Chinese stimulus hopes - The Globe and Mail](https://feedsoft.ai/events/54806-canadian-dollar-gains-as-oil-rallies-on-chinese-stimulus-hopes-the-globe-and.md) | -4.3% | -48.2% |
| WTI | 2020-11-09 | [Oil Jumps With Vaccine News Igniting Hopes of Improved Demand - Bloomberg](https://feedsoft.ai/events/11790-oil-jumps-with-vaccine-news-igniting-hopes-of-improved-demand-bloomberg.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 prices are surging on hopes that a vaccine will end lockdowns \| Fortune](https://feedsoft.ai/events/11797-oil-prices-are-surging-on-hopes-that-a-vaccine-will-end-lockdowns-fortune.md) | +8.7% | +26.9% |
| BRENT | 2020-12-02 | [Oil jumps more than 1% on UK vaccine approval, ongoing OPEC talks](https://feedsoft.ai/events/49828-oil-jumps-more-than-1-on-uk-vaccine-approval-ongoing-opec-talks.md) | +3.4% | +8.1% |
| BRENT | 2026-10-27 | [Thai Baht Outlook: Why Oil and Gold Outweigh Inflows](https://feedsoft.ai/events/17307-thai-baht-outlook-why-oil-and-gold-outweigh-inflows.md) | -3.8% | — |

## Sources

- cnbc.com: https://www.cnbc.com/2020/11/10/oil-markets-coronavirus-opec.html

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