Oil Updates — crude declines 1% ahead of US, China data

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Oil Updates — crude declines 1% ahead of US, China data



SINGAPORE: Oil prices slipped more than 1 percent on Monday as investors adopted caution ahead of a US Federal Reserve policy meeting and China’s manufacturing data due this week, offsetting support from tension in the Middle East, according to Reuters.

Brent crude futures dropped 1 percent, or 97 cents, to $89.51 a barrel by 9:18 a.m. Saudi time, while US West Texas Intermediate crude was down 1.3 percent, or $1.13, at $84.41 a barrel.

“Despite an escalation in the Hamas-Israel war, the ground invasion was widely expected,” said CMC Markets analyst Tina Teng.



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