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Oil rose more than 1% on Wednesday after Britain approved a COVID-19 vaccine, the first Western country to do so. Brent gained 2% to $48.36 and WTI settled 1.64% higher at $45.28 as traders awaited an OPEC+ output pact.
Vaccine approval raises expectations of a demand recovery, which supports crude and the energy input costs behind feed and fertilizer. Biofuel demand linked to crude prices benefits as well.
cnbc.comReutersDec 2, 2020After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
