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Oil jumped by the most since May as news of a Pfizer and BioNTech vaccine prevented more than 90% of symptomatic infections in a large study. Futures spiked as much as 11% in New York before paring gains.
Short-covering and a rush to close positions amplified the vaccine-driven move, so the rally may partly reverse, but the demand outlook supports crude prices.
worldoil.comAlex LongleyNov 9, 2020After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Oil's biggest jump since May on vaccine news with intraday spike up to 11%, consistent with the one-day Brent surge.
