# Oil falls to settle at 3-week low as Fed policy stance lifts dollar

> Oil prices eased about 1% to a three-week low after the Federal Reserve held rates steady but left the door open to future hikes. A rising dollar made fuel more expensive for buyers using other currencies. Brent settled at $84.63 a barrel and WTI at $80.44.

- Date: 2023-11-01 · published 2023-11-01T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/33077-oil-falls-to-settle-at-3-week-low-as-fed-policy-stance-lifts-dollar
- 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 diesel and freight costs for feed producers and can weigh on biofuel-linked demand for vegetable oils. The stronger dollar adds pressure on energy prices through currency effects.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-11-07 | 1 | -4.3% | -3.3 | Brent fell to a three-week low on Nov 1 as the Fed's hawkish hold lifted the dollar, which signals a weakening trend heading into the Nov 7 drop, though it predates the move by several days. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-10-02 | [Oil tumbles 2% to 3-week low on strong dollar, profit taking](https://feedsoft.ai/events/7365-oil-tumbles-2-to-3-week-low-on-strong-dollar-profit-taking.md) | -8.8% | -5.4% |
| WTI | 2025-02-01 | [Oil prices settle pennies higher, down for week as Trump touts energy policy](https://feedsoft.ai/events/26664-oil-prices-settle-pennies-higher-down-for-week-as-trump-touts-energy-policy.md) | -2.1% | -5.8% |
| WTI | 2020-01-29 | [Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/55300-canadian-dollar-nears-seven-week-low-as-oil-prices-fall-the-globe-and-mail.md) | -7.1% | -8.8% |
| WTI | 2018-11-08 | [Canadian dollar hits eight-week low as U.S. Fed affirms rate hike policy - The Globe and Mail](https://feedsoft.ai/events/62276-canadian-dollar-hits-eight-week-low-as-u-s-fed-affirms-rate-hike-policy-the.md) | -8.9% | -16.5% |
| WTI | 2021-10-21 | [Canadian dollar falls by most in three weeks as oil stumbles \| Financial Post](https://feedsoft.ai/events/44823-canadian-dollar-falls-by-most-in-three-weeks-as-oil-stumbles-financial-post.md) | -1.9% | -7.0% |
| BRENT | 2023-10-02 | [Oil tumbles 2% to 3-week low on strong dollar, profit taking](https://feedsoft.ai/events/7365-oil-tumbles-2-to-3-week-low-on-strong-dollar-profit-taking.md) | -9.8% | -5.2% |
| BRENT | 2025-02-01 | [Oil prices settle pennies higher, down for week as Trump touts energy policy](https://feedsoft.ai/events/26664-oil-prices-settle-pennies-higher-down-for-week-as-trump-touts-energy-policy.md) | -2.9% | -3.9% |
| BRENT | 2024-07-30 | [Oil prices slide 1%, settle at 7-week low on China worries](https://feedsoft.ai/events/29441-oil-prices-slide-1-settle-at-7-week-low-on-china-worries.md) | -4.3% | +0.7% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-gains-ahead-fed-meeting-middle-east-conflict-persists-2023-11-01/

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