# Oil falls below $59 after big jump in US rig count

> WTI crude fell 3.2 percent to settle at $59.20, its first close below $59 in 2018 and on pace for the worst week in two years. Brent fell to $63.15, while Baker Hughes reported the US rig count rose by 26 to 791, the highest since April 2015.

- Date: 2018-02-09 · published 2018-02-09T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/11361-oil-falls-below-59-after-big-jump-in-us-rig-count
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Rising US rig counts and record output point to growing supply, pressuring crude and energy-linked commodities. Lower oil prices reduce biofuel margins, which weighs on soybean oil and corn demand from ethanol.

## Read by commodity

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

## Sources

- cnbc.com: https://www.cnbc.com/2018/02/09/oil-falls-below-60-for-first-time-in-2018-on-pace-for-big-weekly-drop.html

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