Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices

Source: theglobeandmail.com theglobeandmail.com

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Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region. Brent crude futures gained 73 cents, or 0.9 per cent, 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 per cent. Last week, both futures contracts posted their steepest weekly loss in three months with Brent falling more than 7 per cent and WTI down...