Oil prices sink as Fed meeting looms, M.East fears on backburner
Investing.com-- Oil prices fell in Asian trade on Monday, reversing a bulk of gains made in the prior session as anticipation of a Federal Reserve meeting and key economic readings this week spurred some profit-taking.
Traders remained watchful of the Israel-Hamas war, after Israel over the weekend launched a ground assault on Gaza. But signs of no immediate escalation in the war, as well as few actual disruptions to Middle Eastern oil supply kept concerns over the conflict somewhat limited. Fears that the Israel-Hamas war could disrupt oil supplies in the region had been a major boost to prices earlier in October, although traders struggled to gauge what the actual impact of the war will be. This kept crude markets largely volatile, with Brent constantly toying with the $90 a barrel level in recent sessions.Fed meeting, China PMIs a key point of focus this weekFears of higher-for-longer U.S.
The Fed is widely expected to keep rates on hold this week. But officials have still kept the door open for one more rate hike this year, especially following several hotter-than-expected inflation readings.data from China, which is set to shed more light on business activity in the world’s biggest oil importer.after seeing a sharp decline in growth this year.
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