# Oil price crests $41 on vaccine-fueled market rally

> 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.

- Date: 2020-11-09 · published 2020-11-09T12:00:00.000Z
- Category: macro · region Global · magnitude high
- Page: https://feedsoft.ai/events/11795-oil-price-crests-41-on-vaccine-fueled-market-rally
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## 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 | Oil's biggest jump since May on vaccine news with intraday spike up to 11%, consistent with the one-day Brent surge. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2020-11-09 | [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 | 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 | 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% |
| WTI | 2023-04-03 | [Palm posts biggest jump in two months after crude oil rally - Markets - Business Recorder](https://feedsoft.ai/events/36512-palm-posts-biggest-jump-in-two-months-after-crude-oil-rally-markets-business.md) | +5.4% | -0.0% |
| 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% |
| 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% |
| BRENT | 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% | +11.5% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2020/11/9/oil-price-crests-41-on-vaccine-fueled-market-rally

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