# Explainer: What happened to the 2022 global oil rally? | Reuters

> Reuters explains that the 2022 oil rally faded as China's strict COVID controls cut industrial output and travel demand. Central bank rate hikes and a stronger dollar also weighed on crude prices.

- Date: 2022-12-08 · published 2022-12-08T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/38396-explainer-what-happened-to-the-2022-global-oil-rally-reuters
- 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

Lower Chinese demand and a stronger dollar reduce energy-linked costs and commodity demand, a bearish backdrop for feed-ingredient and biofuel-linked prices.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-06-18 | [Explained: What spurred the global commodity market sell-off? - CNBC TV18](https://feedsoft.ai/events/5760-explained-what-spurred-the-global-commodity-market-sell-off-cnbc-tv18.md) | +3.2% | +1.0% |
| WTI | 2018-11-15 | [What happened to oil? Why crude prices plummeted 25% in 5 weeks \| Financial Post](https://feedsoft.ai/events/10783-what-happened-to-oil-why-crude-prices-plummeted-25-in-5-weeks-financial-post.md) | -3.0% | -6.3% |
| WTI | 2023-03-15 | [Global sell-off resumes after Credit Suisse renews worries; gold rallies \| Reuters](https://feedsoft.ai/events/10077-global-sell-off-resumes-after-credit-suisse-renews-worries-gold-rallies-reuters.md) | -2.6% | +16.9% |
| WTI | 2022-07-06 | [Oil slides 2% to 12-week low on fears of global recession](https://feedsoft.ai/events/12613-oil-slides-2-to-12-week-low-on-fears-of-global-recession.md) | -3.8% | -4.6% |
| WTI | 2018-11-21 | [Here's What's Going On With Global Oil Markets : NPR](https://feedsoft.ai/events/10586-here-s-what-s-going-on-with-global-oil-markets-npr.md) | -6.1% | -10.7% |
| BRENT | 2018-11-15 | [What happened to oil? Why crude prices plummeted 25% in 5 weeks \| Financial Post](https://feedsoft.ai/events/10783-what-happened-to-oil-why-crude-prices-plummeted-25-in-5-weeks-financial-post.md) | -4.5% | -8.3% |
| BRENT | 2023-03-15 | [Global sell-off resumes after Credit Suisse renews worries; gold rallies \| Reuters](https://feedsoft.ai/events/10077-global-sell-off-resumes-after-credit-suisse-renews-worries-gold-rallies-reuters.md) | -2.7% | +13.9% |
| BRENT | 2022-07-06 | [Oil slides 2% to 12-week low on fears of global recession](https://feedsoft.ai/events/12613-oil-slides-2-to-12-week-low-on-fears-of-global-recession.md) | -3.2% | -2.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/what-happened-2022-global-oil-rally-2022-12-08/

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