Oil fell to the lowest price in more than four weeks in New York after the U.S. Federal Reserve cited “significant downside risks” to the economic outlook in the world’s biggest crude-consuming nation.

The Fed’s decision not to implement an outright third round of so-called quantitative easing “leads investors to take their money out of the risky assets like oil

Analyst says that the oil market is on downside momentum with serious lack of risk appetite. In addition to the weak macroeconomic data, we have to acknowledge the lack of oil demand from the U.S. and emerging markets, amid ongoing concerns about growth.

To date, the November crude oil futures Nymex WTI price fell by 4.88% and reached $ 81.73 a barrel.