Oil prices slipped $1 a barrel on Monday as investors adopted caution ahead of the Fed policy meeting and China's manufacturing data later this week, offsetting support from geopolitical tensions in the Middle East.
Brent crude futures dropped 98 cents, or 1.1%, to $89.50 a barrel by 0001 GMT while U.S. West Texas Intermediate crude was at $84.54 a barrel, down $1, or 1.2%.for signs of any economic slowdown that could impact fuel demand at the world's top oil consumer, CMC Markets analyst Tina Teng said.into Gaza, stoking worries that the conflict could widen in the region that accounts for a third of global oil production.
Last week, Brent and WTI marked their first weekly fall in three weeks as developments in the Middle East keep investors on edge and prices volatile. China will report its October manufacturing and services PMIs this week, with investors watching out for further signs of aand improving fuel demand at the world's top crude importer and No. 2 oil consumer after Beijing launched a burst of supportive policy measures.
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