# Oil jumps more than 1% on UK vaccine approval, ongoing OPEC talks

> 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.

- Date: 2020-12-02 · published 2020-12-02T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/49828-oil-jumps-more-than-1-on-uk-vaccine-approval-ongoing-opec-talks
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2020-11-16 | [Oil jumps 4 percent on upbeat COVID-19 vaccine news \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/50318-oil-jumps-4-percent-on-upbeat-covid-19-vaccine-news-oil-and-gas-news-al-jazeera.md) | +5.3% | +18.6% |
| BRENT | 2020-11-24 | [Oil jumps 4%, hits highest level since March on vaccine optimism](https://feedsoft.ai/events/50315-oil-jumps-4-hits-highest-level-since-march-on-vaccine-optimism.md) | +3.7% | +11.5% |
| BRENT | 2020-11-09 | [Oil Jumps With Vaccine News Igniting Hopes of Improved Demand - Bloomberg](https://feedsoft.ai/events/11790-oil-jumps-with-vaccine-news-igniting-hopes-of-improved-demand-bloomberg.md) | +8.7% | +26.9% |
| BRENT | 2020-11-09 | [Oil prices are surging on hopes that a vaccine will end lockdowns \| Fortune](https://feedsoft.ai/events/11797-oil-prices-are-surging-on-hopes-that-a-vaccine-will-end-lockdowns-fortune.md) | +8.7% | +26.9% |
| 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 | 2020-11-16 | [Oil jumps 4 percent on upbeat COVID-19 vaccine news \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/50318-oil-jumps-4-percent-on-upbeat-covid-19-vaccine-news-oil-and-gas-news-al-jazeera.md) | +5.1% | +17.5% |
| WTI | 2020-11-24 | [Oil jumps 4%, hits highest level since March on vaccine optimism](https://feedsoft.ai/events/50315-oil-jumps-4-hits-highest-level-since-march-on-vaccine-optimism.md) | +3.7% | +9.5% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/12/02/oil-markets-coronavirus-opec.html

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