Mumbai, 06 May (CommoditiesControl): Oil prices are on the upswing as hopes for a ceasefire between Israel and Hamas fade and Saudi Arabia boosts its official selling prices for June loadings across most regions. Brent crude climbs by 1.02% to $83.62 a barrel, while WTI sees a 1.23% uptick to $78.89 a barrel.
Last week, both benchmarks dipped to mid-March levels on concerns over prolonged U.S. interest rates and expectations of a Gaza deal. However, stalled ceasefire talks revive fears of heightened tensions, notably with Israel's planned invasion of Rafah.
In tandem, Aramco's Arab Light crude to Asia rises by $0.90 a barrel, indicating anticipated demand growth and tightening supplies this quarter, per analysts.
Meanwhile, MCX crude oil rises by 0.92% to trade at 6606, targeting 6616 initially, with support levels at 6508-6470. The price trend aligns with the 21-EMA moving average.
(By Commoditiescontrol Bureau; +91-9820130172)
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