Oil prices dropped more than 1% as concerns eased about the Israel-Hamas war affecting oil supply from the region. Investors also adopted caution ahead of the U.S. Federal Reserve meeting and other indications of global economic health.
Oil slipped more than 1 per cent on Monday as concern eased about the Israel-Hamas war affecting supply from the region and as investors adopted caution ahead of this week’s U.S. Federal Reserve meeting and other indications of global economic health .
“There is a propensity for market users in all their guises to have at least some oil length going into the weekends and when the fear of conflict spread shows no validation come the early hours of Monday mornings’ openings, that fear hedge is ordinarily unwound,” said John Evans of oil broker PVM. “Despite an escalation in the Hamas-Israel war, the ground invasion was widely expected,” said CMC Markets analyst Tina Teng. “The weekend playout signals no further expansion into a wider regional war, which caused a retreat in oil prices.”
As well as the Middle East, investors are focused on the outcome of Wednesday’s Federal Reserve meeting as well as on what earnings from the likes of tech giant Apple Inc might indicate regarding the prospects for economic slowdown.
Oil Israel-Hamas War Supply Investors Caution Federal Reserve Meeting Global Economic Health
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