# Oil prices slump as investors fear Fed rate hikes will hurt demand | Reuters

> Oil prices dropped nearly $2 a barrel on June 23 after Federal Reserve Chair Jerome Powell's remarks raised worries that US rate hikes would slow economic growth. Brent settled at $110.05 and WTI at $104.27. OPEC+ had agreed on June 2 to add 648,000 bpd in July and the same amount in August.

- Date: 2022-06-23 · published 2022-06-23T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/41110-oil-prices-slump-as-investors-fear-fed-rate-hikes-will-hurt-demand-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of slower growth and weaker fuel demand pressure crude prices. Lower energy costs can ease input and freight expenses for feed buyers, though the effect is modest.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-05-19 | [Oil prices dive $2 on fears of Asian pandemic, possible U.S. rate hikes \| Reuters](https://feedsoft.ai/events/47009-oil-prices-dive-2-on-fears-of-asian-pandemic-possible-u-s-rate-hikes-reuters.md) | +1.1% | +10.0% |
| WTI | 2024-09-18 | [Oil prices fall as Fed rate cut stirs economic worries, storage report mixed \| Reuters](https://feedsoft.ai/events/28482-oil-prices-fall-as-fed-rate-cut-stirs-economic-worries-storage-report-mixed.md) | +0.3% | -1.2% |
| WTI | 2023-03-07 | [Oil and Gold Prices Slump As Powell Signals Further Rate Hikes to Come - Markets Insider](https://feedsoft.ai/events/36780-oil-and-gold-prices-slump-as-powell-signals-further-rate-hikes-to-come-markets.md) | -7.1% | -0.0% |
| WTI | 2022-03-02 | [Oil price spike could prompt demand slump, MUFG analysis suggests \| Reuters](https://feedsoft.ai/events/10345-oil-price-spike-could-prompt-demand-slump-mufg-analysis-suggests-reuters.md) | +19.4% | +0.6% |
| WTI | 2022-12-15 | [Oil prices slid 2% as dollar firms and central banks hike interest rates](https://feedsoft.ai/events/38152-oil-prices-slid-2-as-dollar-firms-and-central-banks-hike-interest-rates.md) | +1.3% | +3.5% |
| BRENT | 2021-05-19 | [Oil prices dive $2 on fears of Asian pandemic, possible U.S. rate hikes \| Reuters](https://feedsoft.ai/events/47009-oil-prices-dive-2-on-fears-of-asian-pandemic-possible-u-s-rate-hikes-reuters.md) | -0.2% | +7.7% |
| BRENT | 2024-09-18 | [Oil prices fall as Fed rate cut stirs economic worries, storage report mixed \| Reuters](https://feedsoft.ai/events/28482-oil-prices-fall-as-fed-rate-cut-stirs-economic-worries-storage-report-mixed.md) | +1.5% | -0.2% |
| BRENT | 2023-03-07 | [Oil and Gold Prices Slump As Powell Signals Further Rate Hikes to Come - Markets Insider](https://feedsoft.ai/events/36780-oil-and-gold-prices-slump-as-powell-signals-further-rate-hikes-to-come-markets.md) | -6.7% | -0.8% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-extends-losses-recession-fears-mount-2022-06-23/

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