# Oil prices rise after strong US jobs data; rising exports cap gains

> Oil prices rose 1.1% to $49.58 a barrel after a strong US July jobs report showed more hiring and higher wages than expected. Crude still posted a small weekly decline as rising OPEC exports and strong US output weighed on prices.

- Date: 2017-08-04 · published 2017-08-04T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/69651-oil-prices-rise-after-strong-us-jobs-data-rising-exports-cap-gains
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Stronger US employment supports expectations of energy demand, which can lift crude and fuel prices. Rising OPEC and US output is the main counterweight, limiting gains.

## Read by commodity

- WTI: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-02-01 | [Oil rises on strong US jobs data and falling rig count](https://feedsoft.ai/events/60760-oil-rises-on-strong-us-jobs-data-and-falling-rig-count.md) | -2.1% | +6.3% |
| WTI | 2026-05-28 | [Palm Oil Prices Rise As Crude Oil Gains - Finimize](https://feedsoft.ai/events/19380-palm-oil-prices-rise-as-crude-oil-gains-finimize.md) | +8.1% | -20.5% |
| 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 | 2024-12-24 | [Oil prices up on US growth data](https://feedsoft.ai/events/27128-oil-prices-up-on-us-growth-data.md) | +4.0% | +7.9% |
| 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% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/08/03/oil-retreats-on-concerns-about-opec-oversupply.html

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