# Oil prices rise on US crude draw; jobs data feeds rate cut hopes

> Oil futures climbed on Thursday after an EIA report showed a draw in US crude inventories and softer inflation data boosted rate-cut hopes. Middle East conflict also stayed in focus.

- Date: 2024-06-20 · published 2024-06-20T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/29926-oil-prices-rise-on-us-crude-draw-jobs-data-feeds-rate-cut-hopes
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Crude gains and a weaker dollar outlook can lift commodity prices broadly, though the effect on feed grains is modest.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-09-28 | [Oil prices rise on surprise drop in U.S. crude, fuel stocks](https://feedsoft.ai/events/39763-oil-prices-rise-on-surprise-drop-in-u-s-crude-fuel-stocks.md) | +10.1% | +9.3% |
| WTI | 2024-12-28 | [Oil News: Crude Prices Climb on U.S. Stock Draw and China Demand Outlook](https://feedsoft.ai/events/27121-oil-news-crude-prices-climb-on-u-s-stock-draw-and-china-demand-outlook.md) | +4.2% | +4.2% |
| WTI | 2021-08-25 | [Oil rises on US fuel demand, extends rally](https://feedsoft.ai/events/11408-oil-rises-on-us-fuel-demand-extends-rally.md) | +1.4% | +7.1% |
| WTI | 2019-12-10 | [EIA: recent oil prices supported by better economic data, further OPEC cut \| Oil & Gas Journal](https://feedsoft.ai/events/55731-eia-recent-oil-prices-supported-by-better-economic-data-further-opec-cut-oil.md) | +2.1% | +6.3% |
| WTI | 2018-08-22 | [Oil surges after data shows steep drop in US crude inventories](https://feedsoft.ai/events/63703-oil-surges-after-data-shows-steep-drop-in-us-crude-inventories.md) | +1.8% | +5.6% |
| BRENT | 2022-09-28 | [Oil prices rise on surprise drop in U.S. crude, fuel stocks](https://feedsoft.ai/events/39763-oil-prices-rise-on-surprise-drop-in-u-s-crude-fuel-stocks.md) | +7.7% | +7.6% |
| BRENT | 2024-12-28 | [Oil News: Crude Prices Climb on U.S. Stock Draw and China Demand Outlook](https://feedsoft.ai/events/27121-oil-news-crude-prices-climb-on-u-s-stock-draw-and-china-demand-outlook.md) | +3.8% | +4.4% |
| BRENT | 2021-08-25 | [Oil rises on US fuel demand, extends rally](https://feedsoft.ai/events/11408-oil-rises-on-us-fuel-demand-extends-rally.md) | +2.9% | +4.0% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/brent-rises-middle-east-war-while-wti-dips-ahead-inventories-report-2024-06-20/

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