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Oil rose more than 4% to its highest since March after a third promising coronavirus vaccine candidate, AstraZeneca's, showed strong trial results. Brent settled at $47.86 and WTI at $44.91, and OPEC+ is expected to roll over record output cuts into 2021.
Higher crude prices raise diesel and transport costs and support biofuel-linked vegetable oil values, while expected OPEC+ supply restraint limits downside for energy markets.
cnbc.comReutersNov 24, 2020After 487 past bullish macro events, WTI moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, BRENT moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.
