With the fall in crude prices in October, the oil bull has been struggling to breathe. The Federal Reserve has hinted that the current level of US interest rates may not be sufficient to properly control inflation, which is not helping the situation.

Brent crude slipped by 0.5% $84.63 per barrel meanwhile WTI dipped by 0.7% at $80.44 per barrel.

The US benchmark for crude oil rose by about 3% earlier on Wednesday in an effort to get past October, which was its worst losing month in five years. WTI is down about 6% so far this week following a nearly 3% loss the previous week.

The Fed's 2% annual inflation objective remains a long way off, as evidenced by the most recent US personal consumption expenditure statistics, which stands at 3.4%. This was sufficient to drive down crude prices for a third consecutive day, implying that another rate hike would occur as early as December.

With virtually no influence on oil traffic out of the Middle East thus far, the slide contributed to WTI's more than 10% October decline, which occurred at Tuesday's closing. Oil dealers acknowledged that the Israel-Hamas war wasn't really in a position to generate a geopolitical risk premium for petroleum.