# Oil prices are surging on hopes that a vaccine will end lockdowns | Fortune

> Oil prices rallied sharply on Monday, with Brent up about 8% to $42.64 and WTI up about 9% to $40.55 after Pfizer and BioNTech announced high trial success rates for their COVID-19 vaccine. Refined products including gasoline, heating oil and gas oil rose at least 6.6%.

- Date: 2020-11-09 · published 2020-11-09T12:00:00.000Z
- Category: macro · region Global · magnitude high
- Page: https://feedsoft.ai/events/11797-oil-prices-are-surging-on-hopes-that-a-vaccine-will-end-lockdowns-fortune
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Traders expect the vaccine to end lockdowns and restore road and air travel, which would lift fuel demand and support diesel and crude prices, though the rally may be premature.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DIESEL | 2020-11-09 | 1 | +6.2% | 3.9 | Directly reports refined products including heating oil and gas oil rising at least 6.6% on Pfizer vaccine demand-recovery hopes, matching the ULSD move. |
| BRENT | 2020-11-09 | 1 | +7.5% | 4.1 | Reports Brent up about 8% on vaccine hopes ending lockdowns, directly describing the demand-sentiment mechanism behind the move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-11-10 | [Oil gains more than 2% as vaccine hopes outweigh lockdown impact](https://feedsoft.ai/events/11793-oil-gains-more-than-2-as-vaccine-hopes-outweigh-lockdown-impact.md) | +2.7% | +13.7% |
| WTI | 2020-05-20 | [A month after oil plunged into the abyss, prices are surging - Moneyweb](https://feedsoft.ai/events/53305-a-month-after-oil-plunged-into-the-abyss-prices-are-surging-moneyweb.md) | +1.3% | +17.2% |
| WTI | 2024-04-23 | [Crude oil prices today: WTI above $83 on hopes for interest rate cuts](https://feedsoft.ai/events/30928-crude-oil-prices-today-wti-above-83-on-hopes-for-interest-rate-cuts.md) | +0.3% | -3.2% |
| WTI | 2021-09-24 | [Worldwide energy shortage shows up in surging coal, gas and oil prices: Kemp](https://feedsoft.ai/events/7927-worldwide-energy-shortage-shows-up-in-surging-coal-gas-and-oil-prices-kemp.md) | +2.4% | +12.5% |
| 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% |
| BRENT | 2020-11-10 | [Oil gains more than 2% as vaccine hopes outweigh lockdown impact](https://feedsoft.ai/events/11793-oil-gains-more-than-2-as-vaccine-hopes-outweigh-lockdown-impact.md) | +3.8% | +16.9% |
| BRENT | 2020-05-20 | [A month after oil plunged into the abyss, prices are surging - Moneyweb](https://feedsoft.ai/events/53305-a-month-after-oil-plunged-into-the-abyss-prices-are-surging-moneyweb.md) | -0.4% | +19.9% |
| BRENT | 2024-04-23 | [Crude oil prices today: WTI above $83 on hopes for interest rate cuts](https://feedsoft.ai/events/30928-crude-oil-prices-today-wti-above-83-on-hopes-for-interest-rate-cuts.md) | +1.5% | -5.0% |

## Sources

- fortune.com: https://fortune.com/2020/11/09/oil-surge-pfizer-biontech-vaccine-markets/

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