Oil futures inched higher following Saudi’s decision to hike June official selling prices
International benchmarks for crude oil recovered from their worst weekly drop since February on Monday, 06 May 2024 as the market responded to Saudi Arabia’s decision to increase the official selling prices
International benchmarks for crude oil recovered from its worst weekly drop since February on Monday, 06 May 2024 as the market responded to Saudi Arabia’s decision to increase the official selling prices for its crude to Asia, Northwest Europe, and the Mediterranean for June. The move signalled a strong demand outlook for the summer season.
The market also tuned focus on the reviving hope that the FED would cut key interest rates as soon as September, which weakened the greenback and bolstered commodities traded in this currency.
Brent futures increased by 37 cents or 0.5% to settle at $83.33/barrel.
WTI rose by 37 cents or 0.5% to settle at $78.48/barrel.