# Oil falls 1% after Fed rate hike, smaller-than-expected US crude stockdraw

> Oil prices fell about 1% after the Fed's quarter-point hike and an EIA report showing a smaller-than-expected US crude draw of 600,000 barrels. Brent settled at $82.92 and WTI at $78.78.

- Date: 2023-07-26 · published 2023-07-26T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/34960-oil-falls-1-after-fed-rate-hike-smaller-than-expected-us-crude-stockdraw
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher rates can slow growth and oil demand, and a smaller inventory draw than expected adds bearish pressure on crude and diesel-linked costs for feed production.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-08-15 | [Oil prices sink after big, unexpected jump in US crude stockpiles](https://feedsoft.ai/events/63706-oil-prices-sink-after-big-unexpected-jump-in-us-crude-stockpiles.md) | +0.4% | +5.0% |
| WTI | 2019-06-05 | [Oil sinks as US crude stockpiles unexpectedly surge](https://feedsoft.ai/events/10748-oil-sinks-as-us-crude-stockpiles-unexpectedly-surge.md) | -0.4% | +4.8% |
| WTI | 2019-05-30 | [Oil falls to 2-month lows on small US crude stock draw, trade war worries \| Fox Business](https://feedsoft.ai/events/9889-oil-falls-to-2-month-lows-on-small-us-crude-stock-draw-trade-war-worries-fox.md) | -12.3% | +0.7% |
| WTI | 2017-05-18 | [CORRECTED-UPDATE 1-Oil drops on rising US crude inventories, defies expected supply cut extension](https://feedsoft.ai/events/70932-corrected-update-1-oil-drops-on-rising-us-crude-inventories-defies-expected.md) | +4.2% | -9.3% |
| WTI | 2022-08-03 | [Oil falls to nearly 6-month lows after surprise U.S. crude, gasoline build](https://feedsoft.ai/events/12796-oil-falls-to-nearly-6-month-lows-after-surprise-u-s-crude-gasoline-build.md) | -4.1% | -4.5% |
| BRENT | 2018-08-15 | [Oil prices sink after big, unexpected jump in US crude stockpiles](https://feedsoft.ai/events/63706-oil-prices-sink-after-big-unexpected-jump-in-us-crude-stockpiles.md) | +0.7% | +9.8% |
| BRENT | 2019-06-05 | [Oil sinks as US crude stockpiles unexpectedly surge](https://feedsoft.ai/events/10748-oil-sinks-as-us-crude-stockpiles-unexpectedly-surge.md) | +0.3% | -0.3% |
| BRENT | 2019-05-30 | [Oil falls to 2-month lows on small US crude stock draw, trade war worries \| Fox Business](https://feedsoft.ai/events/9889-oil-falls-to-2-month-lows-on-small-us-crude-stock-draw-trade-war-worries-fox.md) | -12.4% | -4.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/07/26/oil-prices-ease-after-build-in-us-crude-stockpiles.html

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