Oil, which reached the peak of the last seven years due to the Ukraine crisis and low stocks before the Fed meeting, started to decline with the Fed’s signals of an interest rate hike in March.

Oil slumped as investors lost their appetite for risky assets, including commodities after the Fed signaled that it would soon raise interest rates to curb inflation.

West Texas Oil slumped Wednesday after hitting its highest point since October 2014.

Another issue that oil investors follow is the Ukraine crisis. While thousands of soldiers and equipment placed by Russia along the border line increase the concerns of the invasion, it is predicted that if such an event occurs, it will have devastating consequences for the energy supply.

Oil, which started to recover from the devastating environment caused by the pandemic, continued to rise in the first weeks of 2022.

West Texas Oil for March delivery fell 0.8 percent to $86.68 on the Nymex market.

Brent crude for March delivery fell 0.8 percent to $89.28 on the London ICE Futures Europe market.