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%. Investors are eyeing the outcome of the Federal Reserve monetary policy meeting on Wednesday, U.S. employment data and earnings from tech giant Apple Inc for signs of any economic slowdown that could impact fuel demand at the world’s top oil consumer, CMC Markets analyst Tina Teng said.
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.
