Oil falls more than 1% as concerns about Mideast supply ease
Monday, 30 October 2023
Oil prices dropped over 1% as concerns about the Israel-Hamas conflict affecting supply eased. Investors also adopted caution ahead of the US Federal Reserve meeting and other indicators of global economic health. Crude had previously jumped 3% on fears that the conflict could expand in a region responsible for a third of global oil output. However, analysts suggested that the concern was fading and that the conflict was not likely to escalate into a wider regional war.
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