# Oil climbs over 2% after Fed's Powell indicates US rate cuts | Reuters

> Oil rose more than 2% after Fed Chair Powell signalled US rate cuts. Brent settled up $1.80, or 2.33%, at $79.02 a barrel, and WTI finished up $1.82, or 2.49%, at $74.83.

- Date: 2024-08-23 · published 2024-08-23T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/28694-oil-climbs-over-2-after-fed-s-powell-indicates-us-rate-cuts-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower expected interest rates support economic activity and energy demand, which lifts crude prices and raises diesel and feed transport costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-12-13 | [Gold climbs over 1% after Fed signals end of rate hikes \| Reuters](https://feedsoft.ai/events/32470-gold-climbs-over-1-after-fed-signals-end-of-rate-hikes-reuters.md) | +7.2% | +5.4% |
| WTI | 2025-07-30 | [Global stock index dips, dollar climbs as Fed's Powell holds off on Sept rate cut verdict](https://feedsoft.ai/events/23658-global-stock-index-dips-dollar-climbs-as-fed-s-powell-holds-off-on-sept-rate.md) | -5.8% | -9.2% |
| WTI | 2024-08-22 | [Oil prices settle $1 up on hopes of a US Fed rate cut next month \| Reuters](https://feedsoft.ai/events/28696-oil-prices-settle-1-up-on-hopes-of-a-us-fed-rate-cut-next-month-reuters.md) | +3.7% | +0.1% |
| WTI | 2016-12-12 | [Canadian dollar posts fresh seven-week high as oil climbs \| Reuters](https://feedsoft.ai/events/73701-canadian-dollar-posts-fresh-seven-week-high-as-oil-climbs-reuters.md) | +0.8% | -1.3% |
| WTI | 2019-10-31 | [Rupee rises 9 paise against US dollar after Fed rate cut  - The Hindu](https://feedsoft.ai/events/56841-rupee-rises-9-paise-against-us-dollar-after-fed-rate-cut-the-hindu.md) | +2.4% | +5.8% |
| BRENT | 2025-07-30 | [Global stock index dips, dollar climbs as Fed's Powell holds off on Sept rate cut verdict](https://feedsoft.ai/events/23658-global-stock-index-dips-dollar-climbs-as-fed-s-powell-holds-off-on-sept-rate.md) | -6.1% | -8.0% |
| BRENT | 2024-08-22 | [Oil prices settle $1 up on hopes of a US Fed rate cut next month \| Reuters](https://feedsoft.ai/events/28696-oil-prices-settle-1-up-on-hopes-of-a-us-fed-rate-cut-next-month-reuters.md) | +2.5% | -4.3% |
| BRENT | 2024-08-26 | [Interest rates: US dollar sinks as traders position for rate cuts by the Federal Reserve](https://feedsoft.ai/events/28691-interest-rates-us-dollar-sinks-as-traders-position-for-rate-cuts-by-the-federal.md) | -0.2% | -5.6% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-set-end-week-lower-demand-concerns-easing-supply-woes-2024-08-23/

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