2024-02-05T05:02:34+00:00
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/ Oil prices rose slightly in early Asian trading on Monday after sharp declines last week, amid ongoing attempts to reach a ceasefire agreement in the Gaza Strip and the United States’ intention to launch more attacks.
By 03:42 GMT, Brent crude futures were up 24 cents, or 0.3 percent, at $77.57 a barrel, while West Texas Intermediate crude futures were up 11 cents, or 0.15 percent, at $72.28 a barrel.
The two contracts ended last week’s trading down about 7 percent, and fell 2 percent on Friday after stronger-than-expected U.S. jobs data suggested that interest rate cuts may be further along than expected, in addition to progress in ceasefire negotiations between Israel and the Palestinian Hamas movement.
However, investors remain concerned about an escalation in the conflict in the Middle East, after the United States hinted that it would launch more attacks in the Middle East in response to an attack that killed three American soldiers in Jordan.
The United States also continued its campaign against the Houthis in Yemen, carrying out 36 strikes on Saturday on targets belonging to the group, whose attacks on commercial ships have disrupted global oil trade routes, although supplies have not been significantly affected.