Oil prices slipped despite tensions rising in the Middle East as Israel sent ground forces into Gaza, with Brent down 1.06% at $89.52 per barrel and US West Texas Intermediate futures declining 1.16% to $84.55 per barrel. The market had already priced in the incursion, and investors are focusing on the US Federal Reserve's monetary policy meeting later this week. The Fed is expected to leave rates unchanged, and the US economy grew faster than expected at a 4.9% annual pace in Q3. The conflict in the Middle East raises concerns of potential supply disruptions and a wider regional war.

The post Oil prices slip in cautious trading ahead of Fed meeting even as Middle East Tensions Spike appeared first on Balanced News Summary.