# Oil prices jump on back of coronavirus vaccine developments

> Oil rose more than 1% on Monday, extending the prior week's gains, as traders priced in a demand recovery from successful coronavirus vaccine trials. Brent rose to $45.89 and WTI to $43.06, and the contango narrowed to its smallest since mid-June.

- Date: 2020-11-23 · published 2020-11-23T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/50316-oil-prices-jump-on-back-of-coronavirus-vaccine-developments
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Firmer crude and a narrowing contango signal improving demand expectations, which supports energy costs and biofuel-linked vegetable oil prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- cnbc.com: https://www.cnbc.com/2020/11/23/oil-markets-coronavirus-opec.html

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