# Oil settles up 3%, boosted by Mexican oil rig outage, U.S. vaccine approval | Reuters

> 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.

- Date: 2021-08-24 · published 2021-08-24T12:00:00.000Z
- Category: disease · region US · magnitude medium
- Page: https://feedsoft.ai/events/12112-oil-settles-up-3-boosted-by-mexican-oil-rig-outage-u-s-vaccine-approval-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The Mexican outage removes a meaningful slice of supply, while vaccine approval supports expectations of a demand recovery, so both push crude prices higher.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-08-23 | [Oil Rallies as China’s Success Against Virus Eases Demand Fears - Bloomberg](https://feedsoft.ai/events/12113-oil-rallies-as-china-s-success-against-virus-eases-demand-fears-bloomberg.md) | +10.5% | +13.0% |
| WTI | 2021-08-24 | [Commodity prices rally as concerns over Chinese demand ease](https://feedsoft.ai/events/12115-commodity-prices-rally-as-concerns-over-chinese-demand-ease.md) | +5.5% | +7.4% |
| BRENT | 2021-08-23 | [Oil Rallies as China’s Success Against Virus Eases Demand Fears - Bloomberg](https://feedsoft.ai/events/12113-oil-rallies-as-china-s-success-against-virus-eases-demand-fears-bloomberg.md) | +10.9% | +14.8% |
| BRENT | 2021-08-24 | [Commodity prices rally as concerns over Chinese demand ease](https://feedsoft.ai/events/12115-commodity-prices-rally-as-concerns-over-chinese-demand-ease.md) | +5.7% | +7.0% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-rises-full-us-clearance-covid-19-vaccine-stokes-fuel-demand-hopes-2021-08-24/

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