OIL PRICES UP AMID FAILED GAZA CEASEFIRE TALKS

ANKARA, May 6 (Bernama-Anadolu) -- Oil prices rose on Monday following unsuccessful ceasefire attempts in Gaza and Saudi Arabia’s agreement to increase crude oil sale prices, along with uncertainties over the timing of the United States Federal Reserve’s (Fed) decision on interest rates.

Anadolu Agency reported that the international benchmark Brent crude traded at US$83.56 per barrel at 10.07 am local time (0707GMT), an increase of 0.72 per cent from the closing price of US$82.96 per barrel in the previous trading session.

American benchmark West Texas Intermediate (WTI) traded at US$78.72 per barrel at the same time, a 0.78 per cent rise from the previous session that closed at US$78.11 per barrel.

Oil prices started the week on a positive note after the unlikely prospect of a ceasefire in Gaza fuelled fears of the conflict expanding in the Middle East.

The Israeli army issued urgent evacuation orders Monday morning to Palestinian residents and displaced individuals in several areas of eastern Rafah to immediately relocate to the town of al-Mawasi.

The escalating tensions in the region, where the majority of global oil reserves are located, fuelled supply concerns, lending upward support to oil prices.

Furthermore, Saudi Arabia, the world's largest oil exporter, raised the official selling price of crude oil in June for Asia, Northwest Europe and the Mediterranean regions.

This move boosted expectations of strong market demand over the summer period, putting upward pressure on oil prices.

Meanwhile, uncertainties over when the Fed will start interest rate cuts continue to influence oil prices.

Financial market pricing is starting to reflect predictions that the Fed will decrease interest rates this year, with September being the most likely month to do so.

-- BERNAMA-ANADOLU