WASHINGTON (dpa-AFX) - Crude oil prices climbed on Monday after their biggest weekly drop since February as prospects for a Gaza ceasefire appeared slim.
Benchmark Brent crude futures rose 0.8 percent to $83.64 a barrel, while WTI crude futures were up a little over 1 percent at $78.90.
Talks of a Gaza ceasefire appeared to collapse as Israel intensified attacks on Rafah, killing at least 22 Palestinians after Hamas fired rockets at the Karem Abu Salem crossing, killing three Israeli soldiers.
Israel's armed forces have begun evacuating Palestinian civilians from Rafah ahead of a threatened assault on the southern Gazan city.
Oil prices were also boosted by Saudi Arabia's efforts to keep the market tight. Saudi Arabia hiked selling prices for grades to Asia for the third month in a row, indicating anticipated strong demand during the summer.
Meanwhile, the U.S. dollar steadied in European trade after slumping in the prior week on weaker-than-anticipated nonfarm payrolls data, which led traders to reprice their expectations for Fed rate cuts.
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