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Message: [QUOTE="SOLIDECN, post: 224498, member: 80239"] [JUSTIFY]**Intraday Crude Oil Prices Dip Amid US Rate Hike Expectations** Crude oil prices are experiencing a downward trend in today's trading session. This decline is largely due to the anticipation of a US rate hike, which has overshadowed the tight supply outlook. The recent dynamic rally has also triggered some profit-taking on the instrument. **US EIA Data Influences Energy Markets** Energy markets are responding to the latest data from the U.S. Energy Information Administration (EIA). The data revealed a decrease in oil inventories by 2.14 million barrels. ANZ analysts highlighted in their report that the unexpected drop in inventories encouraged investors to secure profits following a 10% increase since the start of the month. **Brent Crude and OIL Quotes Show Decline** Today's session sees Brent crude down by nearly 1%, while OIL quotes indicate a decline of approximately 2% after the most recent futures contract rollover. [img]https://www.linkpicture.com/q/oil-chart-of-the-day.png[/img] **Potential Short-lived Decline Amid Tight Global Supply Concerns** Despite the current decline, it's possible that this could be a temporary dip. There are ongoing concerns in the market about a tight global supply in Q4. Crude inventories at Cushing, the supply hub for WTI, are at their lowest since July 2022. Additionally, production cuts continue to be implemented by OPEC and its affiliated economies. **BRENT Crude Oil Prices Eyeing Support Level** Following the futures rollover, BRENT crude oil prices are moving towards a support level established by a consolidation zone near the $90 per barrel mark.[/JUSTIFY] [/QUOTE]

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