# Oil rises on strong US jobs data and falling rig count

> 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.

- Date: 2019-02-01 · published 2019-02-01T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/60760-oil-rises-on-strong-us-jobs-data-and-falling-rig-count
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-08-04 | [Oil prices rise after strong US jobs data; rising exports cap gains](https://feedsoft.ai/events/69651-oil-prices-rise-after-strong-us-jobs-data-rising-exports-cap-gains.md) | -1.0% | -3.6% |
| WTI | 2023-03-31 | [Oil Rises On Cooling US Inflation, Lower Global Supplies](https://feedsoft.ai/events/37043-oil-rises-on-cooling-us-inflation-lower-global-supplies.md) | +8.6% | +3.3% |
| WTI | 2020-06-08 | [Stocks get a boost from US jobs data, oil rises after OPEC+ deal \| Financial Markets \| Al Jazeera](https://feedsoft.ai/events/52791-stocks-get-a-boost-from-us-jobs-data-oil-rises-after-opec-deal-financial.md) | -8.3% | +2.6% |
| WTI | 2021-05-07 | [World stocks, commodities boom on U.S. weak jobs data](https://feedsoft.ai/events/47010-world-stocks-commodities-boom-on-u-s-weak-jobs-data.md) | -1.4% | +7.5% |
| WTI | 2024-01-18 | [Oil prices rise on global demand forecasts, US crude stock draw](https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw.md) | +3.6% | +5.8% |
| BRENT | 2023-03-31 | [Oil Rises On Cooling US Inflation, Lower Global Supplies](https://feedsoft.ai/events/37043-oil-rises-on-cooling-us-inflation-lower-global-supplies.md) | +8.8% | +2.0% |
| BRENT | 2021-05-07 | [World stocks, commodities boom on U.S. weak jobs data](https://feedsoft.ai/events/47010-world-stocks-commodities-boom-on-u-s-weak-jobs-data.md) | -1.7% | +4.7% |
| BRENT | 2024-01-18 | [Oil prices rise on global demand forecasts, US crude stock draw](https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw.md) | +3.5% | +5.9% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/02/01/oil-markets-us-china-trade-china-economic-data-in-focus.html

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