Oil down almost 4%, surrendering war premium amid Fed focus
Investing.com - Crude prices tumbled almost 4% on Monday as the market looked beyond the war in the Middle East to focus on what the Federal Reserve might do or say at itsThe US crude benchmark has been in yo-yo mode for a week now, rising or falling more than 2% in a session, as the Israel-Hamas war raging on the Palestinian territory of Gaza had markets on the tenterhooks.crude for December delivery settled at $87.45, down $3.03, or 3.4%. Last week, the global crude benchmark fell nearly 2%.
"There is a propensity for market users in all their guises to have at least some oil length going into the weekends and when the fear of conflict spread shows no validation come the early hours of Monday mornings' openings, that fear hedge is ordinarily unwound," John Evans of oil broker PVM said in comments carried by Reuters.
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.report for October. After a blockbuster 336,000 jobs were added in September, economists are expecting more moderate jobs growth of 182,000, which is still consistent with a robust labor market.
But before the Fed meeting, markets are also awaiting key purchasing managers index data from China, which is set to shed more light on business activity in the world’s biggest oil importer.
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