# Oil Rises To 3-Week High as Dollar Slips, OPEC Cuts Output | Stock News & Stock Market Analysis - IBD

> Bloomberg reports oil rose to a three-week closing high as the dollar weakened after the Federal Reserve held rates steady, and as evidence grew that OPEC and partners were cutting output. Futures advanced about 2 percent in New York.

- Date: 2017-02-01 · published 2017-02-01T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/72672-oil-rises-to-3-week-high-as-dollar-slips-opec-cuts-output-stock-news-and-stock
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker dollar and firmer crude support higher energy and input costs, and a softer dollar can lift US-priced commodity exports.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-12-12 | [Canadian dollar above 76 cents US as oil surges to 1½-year high \| CBC News](https://feedsoft.ai/events/73711-canadian-dollar-above-76-cents-us-as-oil-surges-to-11-2-year-high-cbc-news.md) | +0.8% | -1.3% |
| WTI | 2021-02-24 | [Canadian dollar notches 3-year high as oil climbs - Markets - Business Recorder](https://feedsoft.ai/events/48891-canadian-dollar-notches-3-year-high-as-oil-climbs-markets-business-recorder.md) | -3.2% | -6.3% |
| WTI | 2018-05-07 | [Dollar marches to 4-month high as oil rally points to higher inflation - MarketWatch](https://feedsoft.ai/events/65209-dollar-marches-to-4-month-high-as-oil-rally-points-to-higher-inflation.md) | +1.4% | -7.1% |
| WTI | 2024-08-26 | [Canadian dollar strengthens to 5-month high as oil rallies](https://feedsoft.ai/events/29033-canadian-dollar-strengthens-to-5-month-high-as-oil-rallies.md) | -1.7% | -5.9% |
| WTI | 2023-01-26 | [Canadian dollar notches two-month high as stocks climb - Markets - Business Recorder](https://feedsoft.ai/events/38036-canadian-dollar-notches-two-month-high-as-stocks-climb-markets-business-recorder.md) | -4.4% | -5.8% |
| DXY | 2021-01-21 | [Yuan rises to 1-week high on weaker dollar, tighter cash conditions - Markets - Business Recorder](https://feedsoft.ai/events/49362-yuan-rises-to-1-week-high-on-weaker-dollar-tighter-cash-conditions-markets.md) | +0.6% | +0.6% |
| DXY | 2025-06-27 | [SK Won Rises as Dollar Slips](https://feedsoft.ai/events/24447-sk-won-rises-as-dollar-slips.md) | -0.3% | +0.3% |
| DXY | 2017-07-31 | [Euro charges to 2 1/2-year high as dollar slumps - MarketWatch](https://feedsoft.ai/events/70183-euro-charges-to-2-1-2-year-high-as-dollar-slumps-marketwatch.md) | +0.3% | -0.5% |

## Sources

- investors.com: https://www.investors.com/research/futures/oil-rises-to-3-week-high-as-dollar-slips-opec-cuts-output/

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