# Oil rises as Biden wins, OPEC+ signals deal can be tweaked | Financial Post

> Brent rose above $40 a barrel and WTI gained over 3% on Monday after Joe Biden won the US presidency, lifting risk appetite and weakening the dollar. Saudi Arabia's energy minister said the OPEC+ output cut deal could be adjusted to offset rising supply and weak demand.

- Date: 2020-11-09 · published 2020-11-09T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11796-oil-rises-as-biden-wins-opec-signals-deal-can-be-tweaked-financial-post
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker dollar makes dollar-priced commodities cheaper for foreign buyers, and the possible OPEC+ adjustment signals supply management that could tighten crude, though new European lockdowns weigh on demand.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-11-09 | 1 | +7.5% | 4.1 | Biden's win boosted risk appetite and weakened the dollar, and Saudi comments on OPEC+ flexibility added a secondary supply-side factor. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-10-10 | [Oil prices rise as OPEC pledges decision on supply \| Financial Post](https://feedsoft.ai/events/56468-oil-prices-rise-as-opec-pledges-decision-on-supply-financial-post.md) | +1.5% | +6.8% |
| WTI | 2026-09-08 | [OPEC+ sticks with plan to keep oil output quotas unchanged \| Financial Post](https://feedsoft.ai/events/17383-opec-sticks-with-plan-to-keep-oil-output-quotas-unchanged-financial-post.md) | +10.6% | +1.7% |
| WTI | 2017-10-09 | [Oil prices climb after OPEC signals possible deal extension](https://feedsoft.ai/events/68621-oil-prices-climb-after-opec-signals-possible-deal-extension.md) | +4.3% | +12.8% |
| WTI | 2016-11-30 | [Oil up more than 8 percent as OPEC finalizes output cut deal](https://feedsoft.ai/events/8571-oil-up-more-than-8-percent-as-opec-finalizes-output-cut-deal.md) | +12.5% | +19.3% |
| WTI | 2022-08-26 | [Oil prices rise on signals OPEC might cut output](https://feedsoft.ai/events/40228-oil-prices-rise-on-signals-opec-might-cut-output.md) | -6.6% | -15.2% |
| BRENT | 2019-10-10 | [Oil prices rise as OPEC pledges decision on supply \| Financial Post](https://feedsoft.ai/events/56468-oil-prices-rise-as-opec-pledges-decision-on-supply-financial-post.md) | +0.6% | +4.9% |
| BRENT | 2026-09-08 | [OPEC+ sticks with plan to keep oil output quotas unchanged \| Financial Post](https://feedsoft.ai/events/17383-opec-sticks-with-plan-to-keep-oil-output-quotas-unchanged-financial-post.md) | +12.9% | +11.9% |
| BRENT | 2017-10-09 | [Oil prices climb after OPEC signals possible deal extension](https://feedsoft.ai/events/68621-oil-prices-climb-after-opec-signals-possible-deal-extension.md) | +2.6% | +11.1% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/oil-rises-as-biden-wins-opec-signals-deal-can-be-tweaked

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