Oil prices declined due to investors’ cautious approach ahead of central bank meetings and global economic indicators.

Both benchmark indices increased by 3% following Israel’s ground assault on Gaza, but contracts incurred significant losses.

Traders are monitoring Middle East developments, but a significant escalation is needed for price increase.

Apprehension is expressed ahead of the Federal Reserve meeting, as hawkish signals could hinder crude demand.

Concerns about U.S. interest rates have also impacted oil prices, with the Federal Reserve expected to maintain current rates.