Oil falls more than 1% as concerns about Mideast supply ease

Oil prices dropped over 1% as concerns about the Israel-Hamas conflict affecting supply eased. Investors also adopted caution ahead of the US Federal Reserve meeting and other indicators of global economic health. Crude had previously jumped 3% on fears that the conflict could expand in a region responsible for a third of global oil output. However, analysts suggested that the concern was fading and that the conflict was not likely to escalate into a wider regional war.