Oil prices drop ahead of US Fed rate decision.

Oil markets have seen a sharp decline in prices with both Brent and WTI crude sliding over $3 per barrel after Goldman Sachs lowered its Brent forecast for December to $86 a barrel. The markets remain on edge ahead of a crucial Fed decision on interest rates on Wednesday, which has led to a stronger dollar, making dollar-denominated commodities more expensive and weighing on oil and commodity prices. The bearishness in the oil market is due to increasing supply from Russia, Iran, and Venezuela, growing recession fears, and persistent headwinds to higher prices from higher interest rates.