WASHINGTON (dpa-AFX) - Despite paring some early gains, oil futures settled modestly higher on Monday with geopolitical tensions, and Saudi Arabia's decision to hike its selling price for the European and Asian markets supporting the upmove.
Oil prices fell 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.
West Texas Intermediate Crude oil futures for June ended higher by $0.37 or about 0.47% at $78.48 a barrel.
Brent crude futures settled at $83.33 a barrel, gaining $0.37 or about 0.45%.
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.
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