# Oil prices settle $1 up on hopes of a US Fed rate cut next month | Reuters

> Oil settled more than 1% higher on 22 August, with Brent up $1.17 to $77.22 and WTI up $1.08 to $73.01, ending four days of declines. The rebound followed minutes from the July Fed meeting showing most officials expected a rate cut next month. A tanker carrying crude was attacked in the Red Sea.

- Date: 2024-08-22 · published 2024-08-22T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/28696-oil-prices-settle-1-up-on-hopes-of-a-us-fed-rate-cut-next-month-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of Fed easing and a Red Sea attack on a crude tanker both support crude prices, which feed into energy and freight costs for feed.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-11-10 | [Oil prices settle 1% higher on tepid U.S. inflation data \| Reuters](https://feedsoft.ai/events/38852-oil-prices-settle-1-higher-on-tepid-u-s-inflation-data-reuters.md) | -0.2% | -16.8% |
| WTI | 2024-08-23 | [Oil climbs over 2% after Fed's Powell indicates US rate cuts \| Reuters](https://feedsoft.ai/events/28694-oil-climbs-over-2-after-fed-s-powell-indicates-us-rate-cuts-reuters.md) | +4.2% | -1.4% |
| WTI | 2024-04-23 | [Crude oil prices today: WTI above $83 on hopes for interest rate cuts](https://feedsoft.ai/events/30928-crude-oil-prices-today-wti-above-83-on-hopes-for-interest-rate-cuts.md) | +0.3% | -3.2% |
| WTI | 2021-10-11 | [Oil settles up 1.5%; hits multi-year highs on surging demand \| Reuters](https://feedsoft.ai/events/44717-oil-settles-up-1-5-hits-multi-year-highs-on-surging-demand-reuters.md) | +3.6% | +2.2% |
| 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% |
| BRENT | 2022-11-10 | [Oil prices settle 1% higher on tepid U.S. inflation data \| Reuters](https://feedsoft.ai/events/38852-oil-prices-settle-1-higher-on-tepid-u-s-inflation-data-reuters.md) | -0.1% | -16.9% |
| BRENT | 2024-08-23 | [Oil climbs over 2% after Fed's Powell indicates US rate cuts \| Reuters](https://feedsoft.ai/events/28694-oil-climbs-over-2-after-fed-s-powell-indicates-us-rate-cuts-reuters.md) | +3.5% | -3.3% |
| BRENT | 2024-04-23 | [Crude oil prices today: WTI above $83 on hopes for interest rate cuts](https://feedsoft.ai/events/30928-crude-oil-prices-today-wti-above-83-on-hopes-for-interest-rate-cuts.md) | +1.5% | -5.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-slow-sell-off-expectations-fed-rate-cut-grow-2024-08-22/

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