Oil prices fell today as fears of tension in the Middle East eased a little today. Crude jumped 3% on Friday after Israel stepped up ground incursions into Gaza, stoking worries the conflict could expand in a region that accounts for a third of global oil output. However, that concern was fading on Monday, analysts said. “The war premium has come out of the market,” said Phil Flynn, analyst at Price Futures Group. “It’s a situation where over the weekend the war seemed to intensify, but there seems to be no disruption to supply.” Investors are focused on the outcome of Wednesdays Federal Reserve meeting. The Fed is widely expected to keep interest rates unchanged, while the central banks of Britain and Japan are also set to review their policies this week. WTI traded down $3.24 or -3.78% to close at $82.31. Brent traded down $3.03 or -3.35% to close at $87.45.
