Oil prices slipped more than 1% on Monday as investors adopted caution ahead of a U.S. Federal Reserve policy meeting and China’s manufacturing data due this week, offsetting support from tension in the Middle East.
Brent crude futures dropped 1.6%, or $1.11, to $89.37 a barrel by 0350 GMT, while U.S. West Texas Intermediate crude was down 1.2%, or $1.34, at $84.20 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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