# NYMEX WTI Nears $70 After Fed Pivots Towards Cuts in 2024

> WTI crude futures rose toward $70 after the FOMC signaled three rate cuts in 2024, and the dollar fell to a two-week low. Money markets increased their bets on a more aggressive easing cycle.

- Date: 2023-12-13 · published 2023-12-13T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/32476-nymex-wti-nears-70-after-fed-pivots-towards-cuts-in-2024
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker dollar and expected lower rates reduce economic slowdown risk, supporting crude oil prices. Higher energy costs can feed through to diesel and freight, but the effect on feed prices is indirect.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2024-01-30 | [Crude oil prices today: WTI, Brent rise after IMF forecast](https://feedsoft.ai/events/32274-crude-oil-prices-today-wti-brent-rise-after-imf-forecast.md) | -5.2% | +3.1% |
| 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 | 2019-07-31 | [Stocks sink after Fed dents hopes for multiple interest-rate cuts - Los Angeles Times](https://feedsoft.ai/events/58018-stocks-sink-after-fed-dents-hopes-for-multiple-interest-rate-cuts-los-angeles.md) | -7.6% | -5.3% |
| WTI | 2026-03-18 | [Trading Day: Hello inflation, goodbye 2026 Fed cut \| Reuters](https://feedsoft.ai/events/20069-trading-day-hello-inflation-goodbye-2026-fed-cut-reuters.md) | -3.3% | -3.8% |
| DXY | 2019-10-30 | [US yields fall after the Fed cuts rates for the third time in 2019](https://feedsoft.ai/events/56486-us-yields-fall-after-the-fed-cuts-rates-for-the-third-time-in-2019.md) | +0.1% | +1.0% |
| DXY | 2023-12-13 | [Yen rallies after Federal Reserve signals rate cuts in 2024 - Nikkei Asia](https://feedsoft.ai/events/8716-yen-rallies-after-federal-reserve-signals-rate-cuts-in-2024-nikkei-asia.md) | -1.0% | -0.7% |
| DXY | 2023-12-08 | [Dow surges to new record as Fed signals three rate cuts in 2024 \| CNN Business](https://feedsoft.ai/events/32472-dow-surges-to-new-record-as-fed-signals-three-rate-cuts-in-2024-cnn-business.md) | -0.9% | -1.1% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2023/12/13/nymex-wti-nears-70-fed-pivots-cuts

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