# Oil jumps 4 percent on upbeat COVID-19 vaccine news | Oil and Gas News | Al Jazeera

> 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.

- Date: 2020-11-16 · published 2020-11-16T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/50318-oil-jumps-4-percent-on-upbeat-covid-19-vaccine-news-oil-and-gas-news-al-jazeera
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Vaccine-driven demand hopes and possible OPEC+ supply restraint lift crude prices, which supports diesel and biofuel feedstock costs for vegetable oils.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-11-09 | [Oil soars 8.5% on promising Covid-19 vaccine results](https://feedsoft.ai/events/11791-oil-soars-8-5-on-promising-covid-19-vaccine-results.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 | 2020-11-09 | [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) | +8.0% | +23.5% |
| WTI | 2020-11-09 | [OIL FUTURES: Oil prices surge as market eyes COVID-19 vaccine breakthrough \| S&P Global](https://feedsoft.ai/events/11792-oil-futures-oil-prices-surge-as-market-eyes-covid-19-vaccine-breakthrough-s-and.md) | +8.0% | +23.5% |
| WTI | 2022-11-11 | [Oil jumps as China eases COVID curbs in potential boost to demand](https://feedsoft.ai/events/38851-oil-jumps-as-china-eases-covid-curbs-in-potential-boost-to-demand.md) | -5.6% | -17.9% |
| BRENT | 2020-11-09 | [Oil soars 8.5% on promising Covid-19 vaccine results](https://feedsoft.ai/events/11791-oil-soars-8-5-on-promising-covid-19-vaccine-results.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% |
| 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% |

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2020/11/16/oil-jumps-4-on-upbeat-covid-19-vaccine-news

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