Crude oil prices for front-month contracts dropped on Monday as concerns about this week's Federal Reserve monetary meeting briefly overshadowed mounting tensions in the Middle East.
Investors appeared cautious ahead of the Federal Reserve's first monetary meeting this year, with some fearing that the potential decision on the long-awaited rate cuts could be pushed for later this year. Concerns about the crude demand were further exacerbated by the collapse of the Chinese property giant after Hong Kong ordered the company to liquidate.
West Texas Intermediate (WTI) for March settlements dipped 1.53% to sell at $76.86 per ounce at 9:55 am ET. Brent for the same month's deliveries fell 1.38% to trade at $82.45 a barrel at the same time.
