Oil slipped more than 2% 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.
Brent crude futures fell $2.17 cents, or 2.38%, to $88.33 a barrel by 9:29 a.m. CDT (1429 GMT), while U.S. West Texas Intermediate crude was down $2.32, or 2.72%, at $83.21.
Crude had jumped 3% on Friday after Israel stepped up ground incursions into Gaza, stoking worries the conflict could expand in a region that accounts for a third of global oil output.
