Oil price hiked in international market
News Desk || risingbd.com
![Oil price hiked in international market Oil price hiked in international market](https://cdn.risingbd.com/media/imgAll/2024April/en/oil-2405061026.jpg)
Oil price has increased in the international market after Saudi Arabia had hiked June crude prices for most regions.
Brent crude futures gained 73 cents, or 0.9%, to $83.69 a barrel at 0852 GMT, while U.S. West Texas Intermediate crude futures were at $78.95 a barrel, up 84 cents, or 1.1%.
The prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region.
Last week, both futures contracts posted their steepest weekly loss in three months with Brent falling more than 7% and WTI down 6.8%, as investors weighed weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut.
The geopolitical risk premium in oil prices also eased as talks for a Gaza ceasefire were underway.
However, prospects for a deal narrowed as Hamas reiterated its demand for an end to the war in exchange for the freeing of hostages and Israel appeared poised to launch a long-threatened assault in the Southern Gaza Strip.
Dhaka/Mukul