Oil up amid renewed geopolitical tensions, Brent exceeds $83

Oil closed positive on May 6, after recording losses last week, as geopolitical tensions in the Middle East escalated amid waning ceasefire negotiations.

Brent crude futures for July delivery rose 0.45%, or 37 cents, to close at $83.33 a barrel.

WTI crude for June delivery rose by 0.45%, or 37 cents, to $78.48 per barrel.

The S&P private sector survey in China showed that the services purchasing managers index fell to 52.5 points in April from 52.7 in March, however, it reported an acceleration in the growth of new orders and a strong rise in business confidence, which raised hopes for a sustainable economic recovery.

Saudi Aramco raised the June official selling price for Arab Light crude to customers in Asia by 90 cents to $2.90 per barrel above the Oman-Dubai regional index, Bloomberg reported. Customers in Europe also saw significant increases, while prices in the US were stable.