ISLAMABAD
Crude oil prices moved upward on Monday after Saudi Arabia increased June crude prices and hopes for a Gaza ceasefire faded.
As of 1345 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.49 (+0.59 percent) to reach $83.45 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $0.54 (+0.69 percent) to $78.65 a barrel.
On the other hand, the price of Arab Light decreased by $1.21 (-1.40 percent) to reach $85.44 a barrel. Similarly, the price of Russian Sokol decreased by $1.24 (-1.58 percent) to $77.23 a barrel. On the other hand, the price for Opec Basket decreased by $2.94 (-3.37 percent) at $84.23 a barrel.
Brent crude has fallen by about 8 percent since reaching a six-month high of $91.17 a barrel in April, as the fallout from Iran’s attack on Israel has remained limited. Meanwhile, Turkey has confirmed that it would halt all trade with Israel until the country improves the flow of aid into Gaza. Officials said the pause went into effect on Thursday.
The prospects for a deal faded as Hamas reiterated its demand for an end to the war in exchange for the freeing of hostages and Israel appeared poised to launch a long-threatened assault in the southern Gaza Strip. On Monday, Israel’s military called on Palestinian civilians to evacuate Rafah as part of a “limited scope” operation.
Meanwhile, Saudi Arabia raised the official selling prices (OSPs) for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signalling expectations of strong demand this summer.
In China, the world’s largest crude importer, services activity remained in expansionary territory for the 16th straight month, while growth in new orders accelerated and business sentiment rose solidly, boosting hopes of a sustained economic recovery.
