WTI price gained groundafter Saudi Arabia increased the Official Selling Prices for Oil sold to most regions.
producers are prepared to prolong voluntary output cuts of 2.2 million barrels per day beyond June. Oil prices edged up due to concerns about the potential failure of a Gaza ceasefire deal. West Texas Intermediate crude Oil price snaps its losing streak, trading around $78.20 per barrel during the Asian session on Monday. Oil prices increased after Saudi Arabia raised June crude prices for most regions.
producers announced last week that they are prepared to prolong voluntary output cuts of 2.2 million barrels per day beyond June if Oil demand fails to recover as anticipated. On the geopolitical side, the prices of the liquid Gold gained ground due to the concerns about the possibility of a Gaza ceasefire deal being failed. This has renewed supply fears that the Israel-Hamas conflict could escalate further in the Middle East, as reported by Reuters.