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Oil rose more than 4% after Moderna reported its experimental COVID-19 vaccine was 94.5% effective, following Pfizer's earlier results. Brent rose to $44.57 and WTI to $41.97, while OPEC+ considered extending output cuts into next year.
Vaccine-driven demand hopes and possible OPEC+ supply restraint lift crude prices, which supports diesel and biofuel feedstock costs for vegetable oils.
aljazeera.comNov 16, 2020After 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.
After 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.
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.
