# The Fed Is Driving Down Oil Prices | OilPrice.com

> The U.S. dollar rose to its strongest level since July 2017 after the Fed's latest rate hike and a dovish signal from ECB President Draghi. The ECB said it would keep rates low through at least next summer.

- Date: 2018-06-17 · published 2018-06-17T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/64443-the-fed-is-driving-down-oil-prices-oilprice-com
- 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), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Diverging monetary policy strengthens the dollar, which lowers dollar-denominated oil prices and reduces demand from buyers in weaker-currency countries.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-09-25 | [Oil prices down for the week on new coronavirus concerns](https://feedsoft.ai/events/51290-oil-prices-down-for-the-week-on-new-coronavirus-concerns.md) | -4.0% | +0.9% |
| WTI | 2022-06-14 | [Oil prices settle down on fears of Fed and oil profit tax](https://feedsoft.ai/events/41135-oil-prices-settle-down-on-fears-of-fed-and-oil-profit-tax.md) | -8.6% | -19.2% |
| WTI | 2021-06-21 | [Commodity Prices Dip As Dollar Surges \| OilPrice.com](https://feedsoft.ai/events/46491-commodity-prices-dip-as-dollar-surges-oilprice-com.md) | +3.5% | -7.3% |
| WTI | 2017-03-21 | [Is OPEC Losing Its Ability to Influence Oil Prices?](https://feedsoft.ai/events/71904-is-opec-losing-its-ability-to-influence-oil-prices.md) | -1.4% | +9.4% |
| WTI | 2018-12-24 | [Plunging oil prices show the market is worried about 2019 recession](https://feedsoft.ai/events/8701-plunging-oil-prices-show-the-market-is-worried-about-2019-recession.md) | -0.5% | +15.7% |
| BRENT | 2020-09-25 | [Oil prices down for the week on new coronavirus concerns](https://feedsoft.ai/events/51290-oil-prices-down-for-the-week-on-new-coronavirus-concerns.md) | -3.0% | +0.7% |
| BRENT | 2022-06-14 | [Oil prices settle down on fears of Fed and oil profit tax](https://feedsoft.ai/events/41135-oil-prices-settle-down-on-fears-of-fed-and-oil-profit-tax.md) | -7.7% | -11.5% |
| BRENT | 2021-06-21 | [Commodity Prices Dip As Dollar Surges \| OilPrice.com](https://feedsoft.ai/events/46491-commodity-prices-dip-as-dollar-surges-oilprice-com.md) | +4.1% | +1.0% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Energy-General/The-Fed-Is-Driving-Down-Oil-Prices.html

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