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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 37 cents to $78.48 on the New York Merc, finally snapping its losing streak after falling every single day last week, while Brent for July added 37 cents to $83.33 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.60 to WTI, down from a discount of $12.40. Natural gas for June added five cents to $2.19. The TSX energy index added 5.17 points to close at 294.63.

Oil prices tiptoed higher to start the week. Over the weekend, Saudi Arabia hiked its crude prices for customers in Asia, northwest Europe and the Mediterranean, signalling confidence in strong demand. The decision also reignited rumours that OPEC+ will extend some of its production cuts at its next meeting on June 1. Yet oil prices remained partially in limbo as traders puzzled over a potential ceasefire proposal in Gaza, which has reportedly been accepted by Hamas but not Israel, leading to confusion over the proposal's status (and therefore the odds of regional supply disruptions).

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