FILE - A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, on Sept. 20, 2023. Share prices were mixed on Monday, Oct. 9, after the Israeli government declared war following deadly attacks by Hamas from the Gaza Strip. Conflict in the Middle East often raises the specter of higher oil prices given the risk of disruptions to supplies.
Oil prices had eased back from highs of the mid $90 range last month in recent trading, falling sharply last week. Early Monday, U.S. benchmark crude oil was up $3.28 at $86.05 per barrel in electronic trading on the New York Mercantile Exchange. It picked up 48 cents on Friday. The two-day toll from the fighting in the Middle East surpassed 1,100 dead and thousands wounded on both sides. Palestinian militant groups claimed to be holding more than 130 captives from the Israeli side. Israel's declaration of war raises the question if it would launch a ground assault into Gaza, which in past situations has resulted in heavy casualties.
Among the potentially encouraging signals for the Fed: Workers’ average wages rose at a slower rate in September than economists expected. While that’s discouraging for workers trying to keep up with inflation, it could remove some inclination by companies to keep raising prices for their products.
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