# Oil jumps 4%, hits highest level since March on vaccine optimism

> 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.

- Date: 2020-11-24 · published 2020-11-24T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/50315-oil-jumps-4-hits-highest-level-since-march-on-vaccine-optimism
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-12-03 | [Loonie rises to highest point in 2 years on vaccine optimism, oil prices \| CBC News](https://feedsoft.ai/events/49871-loonie-rises-to-highest-point-in-2-years-on-vaccine-optimism-oil-prices-cbc-news.md) | +0.5% | +7.0% |
| WTI | 2020-11-09 | [Oil price crests $41 on vaccine-fueled market rally](https://feedsoft.ai/events/11795-oil-price-crests-41-on-vaccine-fueled-market-rally.md) | +8.0% | +23.5% |
| WTI | 2020-12-02 | [Oil jumps more than 1% on UK vaccine approval, ongoing OPEC talks](https://feedsoft.ai/events/49828-oil-jumps-more-than-1-on-uk-vaccine-approval-ongoing-opec-talks.md) | +2.4% | +8.4% |
| 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 | 2017-11-03 | [US crude closes at highest level since 2015 as growing global demand supports market](https://feedsoft.ai/events/68147-us-crude-closes-at-highest-level-since-2015-as-growing-global-demand-supports.md) | +4.8% | +7.0% |
| BRENT | 2020-12-03 | [Loonie rises to highest point in 2 years on vaccine optimism, oil prices \| CBC News](https://feedsoft.ai/events/49871-loonie-rises-to-highest-point-in-2-years-on-vaccine-optimism-oil-prices-cbc-news.md) | +1.7% | +7.3% |
| BRENT | 2020-11-09 | [Oil price crests $41 on vaccine-fueled market rally](https://feedsoft.ai/events/11795-oil-price-crests-41-on-vaccine-fueled-market-rally.md) | +8.7% | +26.9% |
| BRENT | 2020-12-02 | [Oil jumps more than 1% on UK vaccine approval, ongoing OPEC talks](https://feedsoft.ai/events/49828-oil-jumps-more-than-1-on-uk-vaccine-approval-ongoing-opec-talks.md) | +3.4% | +8.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/11/24/oil-markets-coronavirus-us-politics.html

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