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Oil prices rose about 3% after a fire on a Mexican offshore platform cut more than 400,000 barrels per day of output. The U.S. Food and Drug Administration also granted full approval to the Pfizer-BioNTech COVID-19 vaccine.
Brent settled at $71.05 and WTI at $67.54.
The Mexican outage removes a meaningful slice of supply, while vaccine approval supports expectations of a demand recovery, so both push crude prices higher.
reuters.comJessica Resnick-aultAug 24, 2021After 35 past disease events, Crude Oil (WTI) moved a median -4.7% over 5 sessions (20% higher; middle half -11.7% to -1.7%), and -5.7% over 20.
After 30 past disease events, Crude Oil (Brent) moved a median -5.2% over 5 sessions (27% higher; middle half -8.9% to -0.1%), and -6.8% 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.
