Oil rises on Saudi Arabia's decision to hike prices, brent crude at $83.39/bbl
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Oil futures saw an increase on Monday following Saudi Arabia's decision to raise June crude prices for most regions. Additionally, concerns grew over the possibility of a ceasefire agreement in Gaza, leading to renewed fears of potential escalation in the oil-rich region due to the Israel-Hamas conflict. Brent crude futures rose by 43 cents, or 0.5 per cent, to $83.39 per barrel at 1300 GMT, while U.S. West Texas Intermediate crude futures climbed to $78.62 per barrel, up by 51 cents, or 0.7 per cent. Also read: Brent, WTI shed 6% as oil heads for steepest weekly drop in 3 months: What's cooling down the commodity? During the previous week, both futures contracts experienced their most substantial weekly decline in three months. Brent witnessed a decline of over 7%, while WTI saw a decrease of 6.8%. Investors deliberated over weak U.S. jobs data and speculated on the potential timing of a Federal Reserve interest rate cut, contributing to this downturn. "Crude Oil prices are seen trading positive today after Saudi Arabia raised its official oil selling price for most regions, and on fading hopes of a ceasefire in the Israel-Hamas war, however, price gains look limited as supply from the middle-east remains unaffected. Demand outlook still looks mixed as the global economic activity is again losing momentum due to high interest rates," said Crude Oil by Pranav Mer, VP - Research (Commodity & Currency) BlinkX and JM Financial. Also read: Oil crawls back towards 7-week low-mark after US Fed keeps rates at 23-year high; Brent at $83/bbl You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!
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Published: 06 May 2024, 09:33 PM IST
What's weighing on crude oil prices?