# Sterling dips as oil rises, still set for weekly gain on hawkish BoE | Reuters

> Sterling fell 0.4% to $1.3376 as oil prices resumed their upward trend, though it was still set for a weekly gain. The Bank of England held rates unanimously and said it was ready to act, and markets priced at least three hikes this year.

- Date: 2026-03-20 · published 2026-03-20T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/20433-sterling-dips-as-oil-rises-still-set-for-weekly-gain-on-hawkish-boe-reuters
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher oil prices and the energy-driven inflation outlook shape currency and rate expectations. Stronger energy costs also raise feed production and freight costs.

## Read by commodity

- WTI: bullish ▲
- GBPUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-12-02 | [Farming News - Oilseed Market Report: Rise in sterling bodes ill for exporters](https://feedsoft.ai/events/73557-farming-news-oilseed-market-report-rise-in-sterling-bodes-ill-for-exporters.md) | -0.5% | +5.2% |
| WTI | 2023-05-24 | [Oil prices gain 2% on falling U.S. stockpiles, Saudi warning \| Reuters](https://feedsoft.ai/events/36100-oil-prices-gain-2-on-falling-u-s-stockpiles-saudi-warning-reuters.md) | -6.6% | -4.9% |
| WTI | 2025-11-28 | [Canadian dollar posts biggest weekly gain since May as GDP surpasses forecasts \| Reuters](https://feedsoft.ai/events/22177-canadian-dollar-posts-biggest-weekly-gain-since-may-as-gdp-surpasses-forecasts.md) | +1.7% | -3.6% |
| WTI | 2024-01-26 | [Crude oil prices today: WTI, Brent on pace for weekly gain](https://feedsoft.ai/events/32275-crude-oil-prices-today-wti-brent-on-pace-for-weekly-gain.md) | -4.6% | -0.6% |
| WTI | 2021-08-30 | [Asian shares rise on dovish Fed chair, oil up as hurricane batters Louisiana \| Reuters](https://feedsoft.ai/events/45753-asian-shares-rise-on-dovish-fed-chair-oil-up-as-hurricane-batters-louisiana.md) | +0.8% | +9.7% |

## Sources

- reuters.com: https://www.reuters.com/world/uk/sterling-dips-oil-rises-still-set-weekly-gain-hawkish-boe-2026-03-20/

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