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HomeBusinessSaudi Arabia The price of oil has increased

Saudi Arabia The price of oil has increased

The price of fuel oil increased in the world market on Monday morning. Oil prices rose for almost all regions of the world after Saudi Arabia raised oil prices and with it the possibility of a cease-fire in Gaza, the news agency Reuters reported. It is feared that the Israel-Hamas crisis may spread to different countries in the world’s largest oil-producing region.

According to the news, the price of Brent crude oil rose by 28 cents or 0.3 percent to 83.24 dollars per barrel this morning. In addition, the price of US Texas Intermediate crude (WTI) rose by 29 cents or 0.4 percent to 78.40 dollars per barrel.

In June, the price of oil sold by Saudi Arabia to countries in Asia, Northwest Europe and the Mediterranean region has been increased. There are indications that the demand for fuel oil will increase this summer.

Oil prices fell 7.3 percent last week as geopolitical tensions eased. Brent crude prices rose after breaking that streak earlier this week. Warren Patterson, Head of Commodity Research at ING, a multinational bank and financial institution, gave this information.

Both Brent and WTI crude oil prices fell last week. Brent crude fell more than 7 percent and WTI crude fell 6.8 percent. In addition to some easing of geopolitical tensions, prices fell due to other factors, according to Reuters news.

That’s because investors were expecting US employment to slow slightly in April and the Federal Reserve to announce interest rate cuts eventually. But in reality the opposite has happened. The Federal Reserve said that policy interest rates are not being cut for now.

Ceasefire talks were underway in Gaza last week. But the chances of a cease-fire have dwindled even further. Hamas demanded that the truce be implemented through a prisoner exchange; But Israeli Prime Minister Benjamin Netanyahu rejected the claim.

Meanwhile, the number of active oil and gas rigs in the U.S. fell for the second week in a row, with oil rigs falling the most. The number of active miners fell to 499, down seven in a week. Never since November 2023 have so many mines gone out of production in a single week.