{"id":40736,"date":"2024-05-06T20:07:51","date_gmt":"2024-05-06T20:07:51","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-up-amid-failed-gaza-cease-fire-attempts-saudi-price-hikes"},"modified":"2024-05-06T20:44:55","modified_gmt":"2024-05-06T20:44:55","slug":"oil-prices-up-amid-failed-gaza-cease-fire-attempts-saudi-price-hikes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-up-amid-failed-gaza-cease-fire-attempts-saudi-price-hikes","title":{"rendered":"Oil prices up amid failed Gaza cease-fire attempts, Saudi price hikes"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Oil prices rose on Monday following unsuccessful cease-fire attempts in Gaza and Saudi Arabia\u2019s agreement to increase crude oil sale prices, along with uncertainties over the timing of the US Federal Reserve\u2019s (Fed) decision on interest rates.<\/p>\n

International benchmark Brent crude traded at $83.56 per barrel at 10.07 a.m. local time (0707 GMT), an increase of 0.72% from the closing price of $82.96 per barrel in the previous trading session.<\/p>\n

American benchmark West Texas Intermediate (WTI) traded at $78.72 per barrel at the same time, a 0.78% rise from the previous session that closed at $78.11 per barrel.<\/p>\n

Oil prices started the week on a positive note after the unlikely prospect of a cease-fire in Gaza fueled fears of the conflict expanding in the Middle East.<\/p>\n

The Israeli army issued urgent evacuation orders Monday morning to Palestinian residents and displaced individuals in several areas of eastern Rafah to immediately relocate to the town of al-Mawasi.<\/p>\n

“The army will continue working to achieve the objectives of the war, including dismantling Hamas and returning all Israeli hostages,” army spokesperson Avichay Adraee wrote on X.<\/p>\n

The escalating tensions in the region, where the majority of global oil reserves are located, fueled supply concerns, lending upward support to oil prices.<\/p>\n

Saudi Arabia, the world’s largest oil exporter, raised the official selling price of crude oil for June for Asia, Northwest Europe and the Mediterranean regions.<\/p>\n

This move boosted expectations of strong market demand over the summer period, putting upward pressure on oil prices.<\/p>\n

Meanwhile, uncertainties over when the Fed will start interest rate cuts continue to influence oil prices.<\/p>\n

Financial market pricing is starting to reflect predictions that the Fed will decrease interest rates this year, with September being the most likely month to do so.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Oil prices rose on Monday following unsuccessful cease-fire attempts in Gaza and Saudi Arabia\u2019s agreement to increase crude oil sale prices, along with uncertainties over the timing of the US Federal Reserve\u2019s (Fed) decision on interest rates. 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