# Oil jumps to 11-week high on hope of OPEC+ supply increase delay

> Oil reached an 11-week high after Pfizer reported its COVID-19 vaccine was 95% effective and hopes grew that OPEC+ would delay a planned output increase. WTI settled at $41.82 and Brent rose to $44.45, helped by a smaller-than-expected US crude stock build.

- Date: 2020-11-18 · published 2020-11-18T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/50340-oil-jumps-to-11-week-high-on-hope-of-opec-supply-increase-delay
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected OPEC+ supply restraint and firmer demand outlook support crude, which lifts energy and freight costs across feed supply chains.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- cnbc.com: https://www.cnbc.com/2020/11/18/oil-markets-us-crude-stockpiles-opec.html

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