Oil eases from its highest level since 2022 as a Fed week begins
Oil prices fell about 2% early Monday after Brent crude closed Friday at its highest level since 2022, a climb AP ties to the U.S. war with Iran cutting the world's oil supply. U.S. stock futures edged higher after the S&P 500's second straight weekly loss. The Federal Reserve meets this week; markets expect it to hold rates, with a December hike seen as likely. Alphabet, Microsoft and Amazon are among the big companies reporting earnings this week.
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Why it matters
Higher crude prices feed into what drivers and businesses pay for fuel, and AP reports U.S. inflation remains well above 3%. Investors expect the Fed to hold rates this week but are pricing in a likely hike in December, which would make borrowing costlier.
Sources
- AP via BNN Bloomberg: World shares mostly advance; oil falls more than 1%
- Reuters via AOL: Asian shares make cautious start, Brent eases from six-month high
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