COMMODITY
Crude oil futures end higher on Monday
May-07-2024

Crude oil futures ended higher on Monday as Saudi Arabia's decision to hike its selling price for the European and Asian markets. Saudi Arabia decided to increase the official selling prices for its crude sold to Asia, Northwest Europe, and the Mediterranean in June, indicating anticipation of robust demand during the upcoming summer season. However, oil prices dropped somewhat sharply earlier in the session after Israel intensified attacks on Rafah, killing at least 22 Palestinians after Hamas fired rockets at the Karem Abu Salem crossing, killing three Israeli soldiers.

Benchmark crude oil futures for June delivery rose $0.37 or about 0.47% to settle at $78.48 a barrel on the New York Mercantile Exchange. Brent crude for July delivery surged $0.37 or 0.45% to $83.33 per barrel on London's Intercontinental Exchange. 


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