# Oil settles down on US jobs data, steepest weekly loss in 3 months | Reuters

> Oil prices settled lower on May 3, 2024, with Brent July futures down 71 cents to $82.96 and WTI June down 84 cents to $78.11, posting the steepest weekly loss in three months. Weak US April jobs data and uncertainty over the timing of Federal Reserve rate cuts weighed on sentiment.

- Date: 2024-05-03 · published 2024-05-03T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/7229-oil-settles-down-on-us-jobs-data-steepest-weekly-loss-in-3-months-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower crude prices reduce input costs for ethanol and biofuel production, which pressures DDGS and corn demand signals. Softer energy prices also weaken the case for biofuel-linked soybean oil demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-09-06 | [Oil settles down 2%, big weekly drop after US jobs data](https://feedsoft.ai/events/12384-oil-settles-down-2-big-weekly-drop-after-us-jobs-data.md) | -0.3% | +6.2% |
| WTI | 2023-03-17 | [Oil prices settle down, post big weekly losses on bank fears \| Reuters](https://feedsoft.ai/events/37045-oil-prices-settle-down-post-big-weekly-losses-on-bank-fears-reuters.md) | +2.4% | +21.0% |
| WTI | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +2.1% | -3.0% |
| WTI | 2024-09-10 | [Oil settles near 3-year low on weak demand outlook \| Reuters](https://feedsoft.ai/events/10169-oil-settles-near-3-year-low-on-weak-demand-outlook-reuters.md) | +2.1% | +11.9% |
| WTI | 2024-02-29 | [Oil inches down as US inflation data, rising OPEC output weigh \| Reuters](https://feedsoft.ai/events/31835-oil-inches-down-as-us-inflation-data-rising-opec-output-weigh-reuters.md) | +0.8% | +3.5% |
| BRENT | 2024-09-06 | [Oil settles down 2%, big weekly drop after US jobs data](https://feedsoft.ai/events/12384-oil-settles-down-2-big-weekly-drop-after-us-jobs-data.md) | -0.9% | +5.5% |
| BRENT | 2023-03-17 | [Oil prices settle down, post big weekly losses on bank fears \| Reuters](https://feedsoft.ai/events/37045-oil-prices-settle-down-post-big-weekly-losses-on-bank-fears-reuters.md) | +1.6% | +17.5% |
| BRENT | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +1.6% | -1.6% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-steadies-heads-weekly-drop-us-economy-worries-2024-05-03/

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