# Weak dollar, big U.S. crude exports buoy oil markets

> The U.S. dollar index fell 1.2%, making oil cheaper for holders of other currencies. The greenback had been strong because the Federal Reserve has been more aggressive in raising rates.

- Date: 2022-10-26 · published 2022-10-26T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/39037-weak-dollar-big-u-s-crude-exports-buoy-oil-markets
- 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 supports crude and energy-linked commodities, and can lift dollar-priced agricultural markets by improving import demand from other currencies.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-10-31 | [Oil up near 2-year highs, analysts see more US crude exports](https://feedsoft.ai/events/68630-oil-up-near-2-year-highs-analysts-see-more-us-crude-exports.md) | +5.9% | +7.1% |
| WTI | 2023-12-14 | [U.S. crude oil rises 3% on weaker dollar, slightly improved 2024 demand outlook](https://feedsoft.ai/events/32887-u-s-crude-oil-rises-3-on-weaker-dollar-slightly-improved-2024-demand-outlook.md) | +6.9% | +5.3% |
| WTI | 2020-10-27 | [Canadian Dollar Buoyed by Firmer Oil Prices, Stock Markets ahead of Bank of Canada Decision](https://feedsoft.ai/events/50859-canadian-dollar-buoyed-by-firmer-oil-prices-stock-markets-ahead-of-bank-of.md) | -4.6% | +11.7% |
| WTI | 2018-07-24 | [Crude oil market gets whiplash, investors should expect more volatility](https://feedsoft.ai/events/64202-crude-oil-market-gets-whiplash-investors-should-expect-more-volatility.md) | +4.3% | -2.1% |
| WTI | 2017-09-27 | [Surging Diesel Demand Is Underpinning Crude Oil’s Bull Market - Bloomberg](https://feedsoft.ai/events/69113-surging-diesel-demand-is-underpinning-crude-oil-s-bull-market-bloomberg.md) | -2.4% | +1.3% |
| BRENT | 2017-10-31 | [Oil up near 2-year highs, analysts see more US crude exports](https://feedsoft.ai/events/68630-oil-up-near-2-year-highs-analysts-see-more-us-crude-exports.md) | +5.8% | +4.6% |
| BRENT | 2023-12-14 | [U.S. crude oil rises 3% on weaker dollar, slightly improved 2024 demand outlook](https://feedsoft.ai/events/32887-u-s-crude-oil-rises-3-on-weaker-dollar-slightly-improved-2024-demand-outlook.md) | +8.4% | +6.6% |
| BRENT | 2022-05-17 | [Stronger U.S. dollar contributes to higher crude oil prices in international markets -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/41586-stronger-u-s-dollar-contributes-to-higher-crude-oil-prices-in-international.md) | -0.2% | +9.4% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-falls-build-us-crude-oil-stocks-stronger-dollar-2022-10-26/

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