# Oil tumbles 2% to 3-week low on strong dollar, profit taking

> Oil fell about 2% on Monday to a three-week low as the expiry of the higher-priced Brent contract, a stronger US dollar and profit-taking pushed prices down. Concerns about rising crude supplies and high interest rates added pressure.

- Date: 2023-10-02 · published 2023-10-02T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/7365-oil-tumbles-2-to-3-week-low-on-strong-dollar-profit-taking
- 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 and weaker crude reduce energy-linked costs and make dollar-priced commodities more expensive for foreign buyers, a mild bearish signal for biofuel-linked feed inputs.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-10-02 | 1 | -4.9% | -4.0 | Directly describes the Oct 2 drop: Brent contract expiry, stronger dollar, profit-taking and rising crude supply worries pushed prices to a three-week low. |
| BRENT | 2023-10-05 | 5 | -9.6% | -2.8 | On Oct 2 Brent fell to a three-week low on a stronger dollar, contract expiry, profit-taking and rate worries, starting the window's decline. |
| BRENT | 2023-10-01 | 1 | -2.4% | -3.7 | Oil fell about 2% to a three-week low on the Brent contract expiry, stronger dollar and profit-taking, matching the magnitude of the move, though dated just after the window end. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-11-01 | [Oil falls to settle at 3-week low as Fed policy stance lifts dollar](https://feedsoft.ai/events/33077-oil-falls-to-settle-at-3-week-low-as-fed-policy-stance-lifts-dollar.md) | -4.5% | -4.6% |
| WTI | 2018-10-31 | [Lower Oil Prices: Canadian Dollar Hits 7-Week Low \| Investors King](https://feedsoft.ai/events/62781-lower-oil-prices-canadian-dollar-hits-7-week-low-investors-king.md) | -6.0% | -24.2% |
| WTI | 2022-07-06 | [Oil slides 2% to 12-week low on fears of global recession](https://feedsoft.ai/events/12613-oil-slides-2-to-12-week-low-on-fears-of-global-recession.md) | -3.8% | -4.6% |
| WTI | 2026-07-27 | [Canadian dollar hits near two-week low as oil prices drop \| Reuters](https://feedsoft.ai/events/18591-canadian-dollar-hits-near-two-week-low-as-oil-prices-drop-reuters.md) | -3.3% | -2.6% |
| WTI | 2016-12-23 | [C$ hits a 5-week low on soft data, lower oil prices](https://feedsoft.ai/events/73697-c-hits-a-5-week-low-on-soft-data-lower-oil-prices.md) | +2.8% | +0.7% |
| BRENT | 2023-11-01 | [Oil falls to settle at 3-week low as Fed policy stance lifts dollar](https://feedsoft.ai/events/33077-oil-falls-to-settle-at-3-week-low-as-fed-policy-stance-lifts-dollar.md) | -5.3% | -6.2% |
| BRENT | 2022-07-06 | [Oil slides 2% to 12-week low on fears of global recession](https://feedsoft.ai/events/12613-oil-slides-2-to-12-week-low-on-fears-of-global-recession.md) | -3.2% | -2.9% |
| BRENT | 2023-02-02 | [Oil slumps on economic data, stronger U.S. dollar](https://feedsoft.ai/events/37234-oil-slumps-on-economic-data-stronger-u-s-dollar.md) | +2.9% | +2.2% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-climb-investor-risk-appetite-grows-2023-10-02/

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