# Metals, crude oil dive in broad commodities market tumble | Reuters

> Metals and crude oil sold off broadly after Trump nominated Kevin Warsh as the next Federal Reserve chair, which lifted the US dollar. Gold and silver had hit record highs in January before the downturn. Crude fell alongside the wider commodities selloff.

- Date: 2026-02-02 · published 2026-02-02T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/8795-metals-crude-oil-dive-in-broad-commodities-market-tumble-reuters
- 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 firmer dollar makes dollar-priced commodities more expensive for foreign buyers and tends to reduce their prices. The selloff also lowers crude and energy costs that feed into grain and oilseed markets.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2026-02-02 | 1 | -6.3% | -3.7 | The Warsh Fed nomination lifted the dollar and triggered a broad commodities selloff that pulled crude down, a macro and currency channel. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-02-02 | [Slump in commodities rattles global markets \| Reuters](https://feedsoft.ai/events/20505-slump-in-commodities-rattles-global-markets-reuters.md) | -1.6% | +9.9% |
| WTI | 2020-03-29 | [Oil Crashes to 18-Year Low With Broken Market Drowning in Crude - Bloomberg](https://feedsoft.ai/events/5324-oil-crashes-to-18-year-low-with-broken-market-drowning-in-crude-bloomberg.md) | +64.1% | -28.3% |
| WTI | 2021-08-27 | [The Commodities Feed: USD holds the market back \| snaps \| ING THINK](https://feedsoft.ai/events/45481-the-commodities-feed-usd-holds-the-market-back-snaps-ing-think.md) | +3.9% | +9.9% |
| WTI | 2020-02-27 | [Oil prices dive to lowest in over a year on coronavirus fears \| Reuters](https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters.md) | -3.9% | -55.0% |
| WTI | 2021-01-29 | [Global Market Insights: Commodities’ risks; USD and CAD unchanged \| article](https://feedsoft.ai/events/49371-global-market-insights-commodities-risks-usd-and-cad-unchanged-article.md) | +7.5% | +17.7% |
| BRENT | 2026-02-02 | [Slump in commodities rattles global markets \| Reuters](https://feedsoft.ai/events/20505-slump-in-commodities-rattles-global-markets-reuters.md) | -3.1% | +0.6% |
| BRENT | 2020-03-29 | [Oil Crashes to 18-Year Low With Broken Market Drowning in Crude - Bloomberg](https://feedsoft.ai/events/5324-oil-crashes-to-18-year-low-with-broken-market-drowning-in-crude-bloomberg.md) | +21.9% | -26.3% |
| BRENT | 2021-08-27 | [The Commodities Feed: USD holds the market back \| snaps \| ING THINK](https://feedsoft.ai/events/45481-the-commodities-feed-usd-holds-the-market-back-snaps-ing-think.md) | +3.6% | +8.6% |

## Sources

- reuters.com: https://www.reuters.com/markets/europe/slump-commodities-rattles-global-markets-2026-02-02/

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