Crude slips on easing worries on wider Mideast war

Oil prices fell Monday as Israel stepped up ground attacks on Hamas targets in Gaza but held back from a full-on incursion, fanning hopes a wider conflict can be avoided.

However, equities were in the red ahead of a Federal Reserve policy meeting this week, with traders fearing it will likely keep interest rates elevated for an extended period as inflation remains stubbornly high.

The White House urged Israel to protect innocent Palestinians in Gaza by distinguishing between Hamas militants and civilians, while the United Nations warned that "civil order" was starting to collapse in the territory. Watch more News on iWantTFC But observers said there was a sense of relief among investors for now, easing crude supply worries and taking some pressure off prices.

There was little relief for investors from data showing the Fed's preferred gauge of inflation remained at 3.4 percent in September, the same as the previous two months.

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