# Oil Futures Reverse Losses as USD Pulls Back ahead of FOMC

> WTI and Brent crude settled higher on March 20 after a sharp retreat in the US dollar index. Traders were positioning ahead of the FOMC meeting, where most expected a 25-basis-point hike despite banking-sector turmoil.

- Date: 2023-03-20 · published 2023-03-20T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/36781-oil-futures-reverse-losses-as-usd-pulls-back-ahead-of-fomc
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker dollar ahead of the Fed decision supports crude prices, which feed into diesel and freight costs for feed buyers. The move reflects positioning and currency flows rather than a change in oil supply.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2023/03/20/oil-falls-banking-turmoil-weighs

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