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Crude oil prices have seen a rise amid the fierce conflict in the Middle East. Also, after Saudi Arabia's decision, the possibility of increase in the price of crude oil in the international market has increased. Crude oil prices are increasing even today.
Saudi Arabia has decided to increase crude oil prices for most fields in June. After this, oil futures rose on Monday and the chances of a Gaza ceasefire agreement appeared less. This once again raised fears that the Israel-Hamas conflict could escalate further in the major crude oil producing region. Oil prices are set to rise following OSP hikes in June for most fields, amid a decline in Saudi Arabia's oil supplies this quarter.
What are the prices of crude oil?
Today crude oil is being traded in the international market with rising prices. WTI crude rose 0.31 percent to $78.85 a barrel, while Brent crude was trading 0.24 percent higher at $83.16 a barrel.
Demand will remain strong this summer
Saudi Arabia raised the official selling price of its crude sold to Asia, northwestern Europe and the Mediterranean in June, signaling expectations of stronger demand this summer. The effect of this was that ICE Brent has made a strong start to the new trading week after falling a little more than 7.3 percent last week due to reduced geopolitical tensions.
Crude prices saw a decline last week
Last week, both crude oil contracts posted their biggest weekly losses in three months. Brent fell more than 7 percent and WTI fell 6.8 percent. Investors shrugged off weak US jobs data and speculation over the possible timing of an interest rate cut by the Federal Reserve, but the situation seems to have changed in a single week.