British News Agency

Crude oil, which opened at 89.40 yesterday, ended the day at approximately 84.42 with a loss of about 5.57 percent. This was the largest daily drop since September 2002. Yesterday, the markets were following the crude oil inventories in the economic calendar, which were reported at -2.224 million barrels. The expectation was -0.446 million barrels. After this release, the oil continued to decline in value. Concerns about a possible Fed interest rate hike began to strengthen the dollar, making commodities like oil more expensive for buyers. At the same time, Saudi Arabia and Russia, members of OPEC+, stated that they would continue to reduce production until the end of the year. The crude oil market started the new day at $84.51, and markets will closely watch the U.S. Initial Jobless Claims data coming at 15:30 (GMT). Technically, resistance levels for the crude product can be monitored at 85.97 - 88.00 - 90.44, and support levels at 83.73 - 81.72 - 78.99.

Source: Info Investment