# Oil Rallies With Strong Jobs Data Adding to OPEC+ Cut Optimism - TT

> Oil rose toward a sixth weekly gain after OPEC+ reached a tentative deal to extend record output cuts and U.S. jobs data beat expectations. Brent rose above $42 a barrel and New York futures gained about 5%. Delegates said all OPEC+ members agreed to comply with their quotas.

- Date: 2020-06-05 · published 2020-06-05T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52784-oil-rallies-with-strong-jobs-data-adding-to-opec-cut-optimism-tt
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Extended supply curbs and a stronger labor market support crude demand expectations, which lifts diesel and energy costs for feed mills. Compliance concerns remain a risk to the rally.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-03-05 | [Oil surges after OPEC+ hold cuts, strong U.S. jobs growth](https://feedsoft.ai/events/48303-oil-surges-after-opec-hold-cuts-strong-u-s-jobs-growth.md) | +3.5% | -3.8% |
| WTI | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.5% | +4.7% |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| WTI | 2018-12-07 | [OPEC and Allies, Defying Trump, Agree to Cut Oil Output to Prop Up Prices](https://feedsoft.ai/events/10624-opec-and-allies-defying-trump-agree-to-cut-oil-output-to-prop-up-prices.md) | +2.2% | -6.2% |
| WTI | 2019-10-22 | [OPEC, allies to consider deeper oil cuts at December meeting - Reuters — Octa](https://feedsoft.ai/events/56467-opec-allies-to-consider-deeper-oil-cuts-at-december-meeting-reuters-octa.md) | +4.5% | +6.8% |
| BRENT | 2021-03-05 | [Oil surges after OPEC+ hold cuts, strong U.S. jobs growth](https://feedsoft.ai/events/48303-oil-surges-after-opec-hold-cuts-strong-u-s-jobs-growth.md) | +3.7% | -4.0% |
| BRENT | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.7% | +7.4% |
| BRENT | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -2.9% |

## Sources

- ttnews.com: https://www.ttnews.com/articles/oil-rallies-strong-jobs-data-adding-opec-cut-optimism

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