# Oil surges after OPEC+ hold cuts, strong U.S. jobs growth

> Brent rose $2.62 to settle at $69.36 and WTI rose to $66.09 after OPEC+ held output in April and a strong US jobs report was released. Both benchmarks gained over 4% after the OPEC+ extension, with Russia and Kazakhstan granted small exemptions. Brent posted its fifth straight weekly gain.

- Date: 2021-03-05 · published 2021-03-05T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/48303-oil-surges-after-opec-hold-cuts-strong-u-s-jobs-growth
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Holding supply steady plus a stronger US economy supports demand expectations, pushing crude higher and raising energy input costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-06-05 | [Oil Rallies With Strong Jobs Data Adding to OPEC+ Cut Optimism - TT](https://feedsoft.ai/events/52784-oil-rallies-with-strong-jobs-data-adding-to-opec-cut-optimism-tt.md) | -2.7% | +8.5% |
| WTI | 2023-05-01 | [OPEC+ announces surprise oil output cuts](https://feedsoft.ai/events/36320-opec-announces-surprise-oil-output-cuts.md) | -7.1% | -5.6% |
| WTI | 2017-12-01 | [Oil near 2½-year highs after OPEC extends output cuts](https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts.md) | -1.5% | +5.3% |
| WTI | 2023-04-02 | [Oil prices surge after surprise move to cut output](https://feedsoft.ai/events/7947-oil-prices-surge-after-surprise-move-to-cut-output.md) | +5.4% | -0.0% |
| WTI | 2023-04-03 | [Oil prices notch biggest gain in nearly a year after OPEC's surprise output cut](https://feedsoft.ai/events/7951-oil-prices-notch-biggest-gain-in-nearly-a-year-after-opec-s-surprise-output-cut.md) | +5.4% | -0.0% |
| BRENT | 2020-06-05 | [Oil Rallies With Strong Jobs Data Adding to OPEC+ Cut Optimism - TT](https://feedsoft.ai/events/52784-oil-rallies-with-strong-jobs-data-adding-to-opec-cut-optimism-tt.md) | -2.7% | +10.1% |
| BRENT | 2023-05-01 | [OPEC+ announces surprise oil output cuts](https://feedsoft.ai/events/36320-opec-announces-surprise-oil-output-cuts.md) | -6.0% | -4.7% |
| BRENT | 2017-12-01 | [Oil near 2½-year highs after OPEC extends output cuts](https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts.md) | -2.0% | +4.9% |

## Sources

- cnbc.com: https://www.cnbc.com/2021/03/05/oil-markets-opec-and-allies.html

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