KONTAN.CO.ID - LONDON. Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region. Brent crude futures were up 43 cents, or 0.5%, to $83.39 a barrel at 1300 GMT, while U.S. West Texas Intermediate crude futures were at $78.62 a barrel, up 51 cents, or 0.7%. Last week, both futures contracts posted their steepest weekly loss in three months, with Brent falling more than 7% and WTI down 6.8%, as investors weighed weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut.
Oil Climbs as Gaza Tensions Rise, Saudi Arabia Hikes Prices
KONTAN.CO.ID - LONDON. Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region. Brent crude futures were up 43 cents, or 0.5%, to $83.39 a barrel at 1300 GMT, while U.S. West Texas Intermediate crude futures were at $78.62 a barrel, up 51 cents, or 0.7%. Last week, both futures contracts posted their steepest weekly loss in three months, with Brent falling more than 7% and WTI down 6.8%, as investors weighed weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut.
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