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US crude futures rose 2.7 percent to $55.26 a barrel on Feb 1 after a strong US jobs report raised fuel demand expectations. Baker Hughes reported drillers cut 15 rigs, bringing the count to 847, the lowest since May 2018.
Brent gained about 3 percent to $62.75, and US sanctions on Venezuela's PDVSA were keeping tankers stuck at ports.
Stronger expected fuel demand and tighter supply from sanctions and falling rig counts support crude prices. Higher crude lifts diesel and biofuel feedstock costs, which can firm vegetable oil and feed input prices.
cnbc.comReutersFeb 1, 2019After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
