# Oil up 1% on economic hope; virus fears check price gains | Financial Post

> Oil rose about 1% as global equities rallied on hopes for a new US pandemic stimulus package, and a weaker dollar also supported crude. Brent settled at $42.43 and WTI at $40.60. Rising virus cases in the US and elsewhere limited gains.

- Date: 2020-09-28 · published 2020-09-28T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/51280-oil-up-1-on-economic-hope-virus-fears-check-price-gains-financial-post
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Stimulus hopes and a softer dollar support energy prices, which feeds into fuel and fertilizer costs. Renewed virus-driven demand worries cap the upside.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-08-22 | [Oil prices settle $1 up on hopes of a US Fed rate cut next month \| Reuters](https://feedsoft.ai/events/28696-oil-prices-settle-1-up-on-hopes-of-a-us-fed-rate-cut-next-month-reuters.md) | +2.5% | -4.3% |
| BRENT | 2021-11-10 | [Canadian dollar outperforms G10 peers as oil clings to recent gains \| Financial Post](https://feedsoft.ai/events/44267-canadian-dollar-outperforms-g10-peers-as-oil-clings-to-recent-gains-financial.md) | -2.4% | -10.8% |
| BRENT | 2018-04-30 | [Will oil prices be the trigger that wakes the inflation beast? - Financial Post](https://feedsoft.ai/events/65433-will-oil-prices-be-the-trigger-that-wakes-the-inflation-beast-financial-post.md) | -0.2% | +2.0% |
| BRENT | 2023-01-10 | [OPEC pricing power limits downside risks to oil prices, Goldman says \| Financial Post](https://feedsoft.ai/events/37951-opec-pricing-power-limits-downside-risks-to-oil-prices-goldman-says-financial.md) | +6.9% | +2.8% |
| BRENT | 2024-12-24 | [Oil prices up on US growth data](https://feedsoft.ai/events/27128-oil-prices-up-on-us-growth-data.md) | +3.1% | +9.8% |
| WTI | 2022-11-22 | [C$ rises as October flash economic estimates show gains \| Financial Post](https://feedsoft.ai/events/38910-c-rises-as-october-flash-economic-estimates-show-gains-financial-post.md) | -2.1% | -4.7% |
| WTI | 2020-10-08 | [Canadian dollar rallies on higher oil prices, U.S. stimulus hopes \| Financial Post](https://feedsoft.ai/events/50857-canadian-dollar-rallies-on-higher-oil-prices-u-s-stimulus-hopes-financial-post.md) | +2.7% | -2.1% |
| WTI | 2020-02-12 | [Canadian dollar climbs to one-week high as virus fears ebb \| Financial Post](https://feedsoft.ai/events/54807-canadian-dollar-climbs-to-one-week-high-as-virus-fears-ebb-financial-post.md) | +6.6% | -33.8% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/oil-up-1-on-economic-hope-virus-fears-check-price-gains

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