# Oil prices rise sharply, bouncing off session low

> Oil rose more than 2% after tanker-tracking data showed Saudi crude exports fell by about half a million barrels per day in December. Weak Chinese factory activity added concern about fuel demand, while record U.S. and Russian output limited gains.

- Date: 2019-01-02 · published 2019-01-02T12:00:00.000Z
- Category: trade · region Saudi Arabia · magnitude medium
- Page: https://feedsoft.ai/events/10832-oil-prices-rise-sharply-bouncing-off-session-low
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower Saudi export flows tighten the global crude balance and support prices. Weaker Chinese demand offsets part of that support.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2019-01-02 | 1 | +6.9% | 3.3 | Same-day report of Saudi crude exports falling about 0.5 mb/d in December tightened supply expectations and drove the rally, though the cited gain of over 2% is smaller than the 6.9% move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-01-04 | [Oil prices rise on US-China trade talks and OPEC cuts](https://feedsoft.ai/events/10834-oil-prices-rise-on-us-china-trade-talks-and-opec-cuts.md) | +11.9% | +13.9% |
| BRENT | 2025-05-12 | [Oil Prices Jump on US-China Tariff Reduction](https://feedsoft.ai/events/12549-oil-prices-jump-on-us-china-tariff-reduction.md) | +1.9% | +5.9% |
| BRENT | 2018-06-28 | [Oilseed rape prices rise on nervous market - Farmers Weekly](https://feedsoft.ai/events/11643-oilseed-rape-prices-rise-on-nervous-market-farmers-weekly.md) | +0.7% | -4.0% |
| BRENT | 2019-01-09 | [Oil rises more than 2 pct on U.S.-China trade talk hope](https://feedsoft.ai/events/11168-oil-rises-more-than-2-pct-on-u-s-china-trade-talk-hope.md) | +3.2% | +6.9% |
| BRENT | 2023-09-19 | [Recent surge in WTI price curbs US oil flows to Europe, Asia \| Reuters](https://feedsoft.ai/events/34279-recent-surge-in-wti-price-curbs-us-oil-flows-to-europe-asia-reuters.md) | -1.6% | -5.1% |
| WTI | 2019-01-04 | [Oil prices rise on US-China trade talks and OPEC cuts](https://feedsoft.ai/events/10834-oil-prices-rise-on-us-china-trade-talks-and-opec-cuts.md) | +11.7% | +14.6% |
| WTI | 2025-05-12 | [Oil Prices Jump on US-China Tariff Reduction](https://feedsoft.ai/events/12549-oil-prices-jump-on-us-china-tariff-reduction.md) | +2.4% | +6.2% |
| WTI | 2025-07-31 | [Asia steps up US WTI oil imports as Middle East prices rise, sources say \| MarketScreener](https://feedsoft.ai/events/23933-asia-steps-up-us-wti-oil-imports-as-middle-east-prices-rise-sources-say.md) | -8.0% | -9.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/01/02/oil-markets-us-crude-production-global-economy-in-focus.html

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