On Friday (October 21), international oil prices fell and the market continued to assess the impact of sharp interest rate hikes by global central banks on energy consumption. But the decline was limited by EU sanctions against Russia and OPEC+ production cuts. NYMEX crude oil test is supported by US $83.55.

Crude oil futures fell 0.89 per cent to $83.76 per barrel, while ICE Brent futures fell 0.82 per cent to $91.60 per barrel.

Philadelphia Federal Reserve Chairman Huck said on Thursday (Oct. 20) that inflationary pressures are unacceptably high and that the Fed is willing to slow economic growth in order to combat inflation. The Fed will continue to raise interest rates in the future, after which it will maintain restrictive monetary policy.

Stephen Innes, managing director of SPI Asset Management, said in a report: "this week several key members of the Fed took turns sending hawkish signals for higher interest rates, which will further depress demand."

But oil prices were supported by the imminent entry into force of the EU ban on Russian crude oil and petroleum products, and the decision by the Organization of Petroleum Exporting countries and its allies, including Russia, to cut production by 2 million barrels a day earlier this month.

ANZ Research Department said in a report: "OPEC+ production reduction of 2 million b / d may be a turning point in the oil market." As western countries impose price caps on Russian oil, the market faces the risk of new supply disruptions and it is likely to tighten the market. The global economic slowdown is the main disadvantage, but the oil market is fundamentally in a better position than in previous downturns. "

On the hour chart, NYMEX crude fell below $84.24 and will test $83.55 support, 50% of Fibonacci and 61.8% of Fibonacci, respectively, in the upside range of $81.34-$87.14.