Oil nudges higher after Saudi Arabia hikes prices

Oil prices rose slightly as Saudi Arabia increased its June crude prices for key regions and the possibility of a Gaza ceasefire diminished, raising concerns about the Israel-Hamas conflict impacting the oil-producing region. Brent crude futures rose to $83.24 a barrel, and U.S. West Texas Intermediate crude futures reached $78.40 a barrel. Saudi Arabia’s move to raise prices suggests strong demand expectations for the summer. Despite easing geopolitical tensions, last week saw the largest weekly decline in oil prices in three months due to weak U.S. jobs data and Fed rate cut speculation.

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