# Oil slumps 6%, snaps seven week winning streak

> Oil fell about 6% on June 17 to a four-week low as interest rate hikes by major central banks raised worries about slower growth and weaker energy demand. Brent settled at $113.12 and WTI at $109.56. The US dollar rose to its highest level since December 2002 against a basket of currencies.

- Date: 2022-06-17 · published 2022-06-17T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/41116-oil-slumps-6-snaps-seven-week-winning-streak
- 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 stronger dollar makes dollar-priced crude more expensive for buyers in other currencies, and tighter monetary policy cuts energy demand expectations. Lower crude and a firmer dollar tend to ease energy costs but can weigh on US export competitiveness for grains and meal.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-09-04 | [Oil drops nearly 4% to end the week lower, snapping four-week win streak](https://feedsoft.ai/events/7474-oil-drops-nearly-4-to-end-the-week-lower-snapping-four-week-win-streak.md) | -9.8% | -10.7% |
| WTI | 2023-01-29 | [Ringgit extends winning streak](https://feedsoft.ai/events/38041-ringgit-extends-winning-streak.md) | -7.9% | -5.2% |
| WTI | 2022-03-29 | [Canadian dollar set to snap winning streak - Business & Finance - Business Recorder](https://feedsoft.ai/events/42498-canadian-dollar-set-to-snap-winning-streak-business-and-finance-business.md) | -3.5% | -4.4% |
| WTI | 2017-07-05 | [US crude sinks, ending longest winning streak since 2012](https://feedsoft.ai/events/70149-us-crude-sinks-ending-longest-winning-streak-since-2012.md) | -2.8% | +6.1% |
| WTI | 2025-10-01 | [Oil slumps to 16-week low on U.S. shutdown and possible OPEC+ plans](https://feedsoft.ai/events/23037-oil-slumps-to-16-week-low-on-u-s-shutdown-and-possible-opec-plans.md) | -1.0% | -3.5% |
| BRENT | 2020-09-04 | [Oil drops nearly 4% to end the week lower, snapping four-week win streak](https://feedsoft.ai/events/7474-oil-drops-nearly-4-to-end-the-week-lower-snapping-four-week-win-streak.md) | -8.6% | -7.0% |
| BRENT | 2017-07-05 | [US crude sinks, ending longest winning streak since 2012](https://feedsoft.ai/events/70149-us-crude-sinks-ending-longest-winning-streak-since-2012.md) | -4.7% | +4.6% |
| BRENT | 2025-10-01 | [Oil slumps to 16-week low on U.S. shutdown and possible OPEC+ plans](https://feedsoft.ai/events/23037-oil-slumps-to-16-week-low-on-u-s-shutdown-and-possible-opec-plans.md) | -2.2% | -5.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/06/17/oil-markets-demand-concerns-sanctions-on-iran.html

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