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Business News/ Markets / Commodities/  Oil prices fall over 1% on easing supply concerns
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Oil prices fall over 1% on easing supply concerns

Brent crude futures drop 95 cents, or 1.1%, at $89.53 a barrel, while the US West Texas Intermediate crude slips $1.12, or 1.3%, at $84.42

On Friday, crude had jumped 3% after Israel stepped up ground incursions into Gaza. REUTERSPremium
On Friday, crude had jumped 3% after Israel stepped up ground incursions into Gaza. REUTERS

Crude oil prices fell more than 1% on Monday on easing concerns about the Israel-Hamas war affecting supply from the Middle East region.

Brent crude futures dropped 95 cents, or 1.1%, to $89.53 a barrel by 1217 GMT, while the US West Texas Intermediate crude slipped $1.12, or 1.3%, at $84.42.

On Friday, crude had jumped 3% 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. 

Apart from the Middle East crisis, investors are also focused on the outcome of the US Federal Reserve meeting set for Wednesday, as well as on corporate earnings.

The Fed is widely expected to keep interest rates unchanged at the end of its policy meeting on November 1.

Investors are waiting for the outcome of meetings at the Bank of Japan (BOJ) on Tuesday and the Bank of England (BoE) on Thursday, as well as Chinese manufacturing data on Tuesday.

In the global markets, the European stock indices rose and the US stocks opened higher on Monday.

The Dow Jones Industrial Average was up 0.8% to 32,672.01. The S&P 500 advanced 0.8% to 4,150.99, while the Nasdaq Composite Index climbed 0.8% to 12,744.13.

The MSCI World Equity Index was little changed, up 0.1%, at 1152 GMT.

In the euro zone, government bond yields were lower, with the benchmark 10-year German yield down 1 basis point at 2.822% .

The yields on the 10-year US treasuries stood at 4.8857%, having climbed around 31 basis points this month.

The US dollar index was down around 0.1% at 106.450 , and the euro was up 0.2% on the day at $1.05825 .

The dollar was flat against the yen at 149.775, below last week's top of 150.78.

In Asia, the stocks were subdued with MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.3%.

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Published: 30 Oct 2023, 06:55 PM IST
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