# Oil slumps on economic data, stronger U.S. dollar

> Oil prices fell on economic data and a rebound in the dollar index after the Fed raised rates by a quarter point and promised ongoing increases. A stronger greenback makes dollar-priced crude more expensive for foreign buyers.

- Date: 2023-02-02 · published 2023-02-02T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/37234-oil-slumps-on-economic-data-stronger-u-s-dollar
- 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 firmer dollar and softer energy demand expectations put downward pressure on crude, which in turn weighs on biofuel economics and vegetable oil prices.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-05-03 | [Oil Slumps as Macroeconomic Data Highlight Demand Slowdown](https://feedsoft.ai/events/7235-oil-slumps-as-macroeconomic-data-highlight-demand-slowdown.md) | +0.4% | -3.0% |
| WTI | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +2.1% | -3.0% |
| WTI | 2023-10-24 | [Oil drops for third straight session on weak European economic data \| Reuters](https://feedsoft.ai/events/33793-oil-drops-for-third-straight-session-on-weak-european-economic-data-reuters.md) | -3.2% | -8.8% |
| WTI | 2023-05-11 | [Oil falls 2% on weak US and Chinese economic data \| Reuters](https://feedsoft.ai/events/36104-oil-falls-2-on-weak-us-and-chinese-economic-data-reuters.md) | +0.4% | -1.7% |
| WTI | 2018-02-02 | [Oil prices fall as US stock market slumps and dollar strengthens](https://feedsoft.ai/events/66659-oil-prices-fall-as-us-stock-market-slumps-and-dollar-strengthens.md) | -7.0% | -7.1% |
| BRENT | 2023-05-18 | [Oil prices settle down 1%; strong US data boosts dollar \| Reuters](https://feedsoft.ai/events/36137-oil-prices-settle-down-1-strong-us-data-boosts-dollar-reuters.md) | +1.6% | -1.6% |
| BRENT | 2023-10-24 | [Oil drops for third straight session on weak European economic data \| Reuters](https://feedsoft.ai/events/33793-oil-drops-for-third-straight-session-on-weak-european-economic-data-reuters.md) | -2.0% | -8.9% |
| BRENT | 2023-05-11 | [Oil falls 2% on weak US and Chinese economic data \| Reuters](https://feedsoft.ai/events/36104-oil-falls-2-on-weak-us-and-chinese-economic-data-reuters.md) | +0.5% | -0.8% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-rise-after-us-fed-hikes-rates-weakening-dollar-2023-02-02/

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