Oil rises on Saudi Arabia's decision to hike prices, brent crude at $83.39/bbl
Brent, WTI shed 6% as oil heads for steepest weekly drop in 3 months: What's cooling down the commodity? During the previous week, both futures contracts experienced their most substantial weekly decline in three months. Brent witnessed a decline of over 7%, while WTI saw a decrease of 6.8%.
Investors deliberated over weak U.S. jobs data and speculated on the potential timing of a Federal Reserve interest rate cut, contributing to this downturn.
“Crude Oil prices are seen trading positive today after Saudi Arabia raised its official oil selling price for most regions, and on fading hopes of a ceasefire in the Israel-Hamas war, however, price gains look limited as supply from the middle-east remains unaffected. Demand outlook still looks mixed as the global economic activity is again losing momentum due to high interest rates," said Crude Oil by Pranav Mer, VP - Research (Commodity & Currency) BlinkX and JM Financial.
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