MAYASIA BUSINESS OUTLOOK9Oil futures slightly increased on Monday following Saudi Arabia's decision to raise June crude prices for most regions. Additionally, concerns over the potential escalation of the Israel-Hamas conflict in the oil-rich area contributed to the uptick.Brent crude futures rose by 28 cents to $83.24 per barrel, while U.S. West Texas Intermediate crude futures reached $78.40 per barrel, up by 29 cents.Saudi Arabia adjusted its official selling prices (OSPs) for crude sold to Asia, Northwest Europe, and the Mediterranean in June, indicating anticipated strong demand during the summer.Warren Patterson, ING's head of commodities re-search, noted that ICE Brent began the week with gains after last week's decline due to reduced geopolitical tensions and Saudi Arabia's increase in June OSPs.Both futures contracts experienced significant losses last week, with Brent falling over seven percent and WTI down 6.8 percent, attributed to weak U.S. jobs data and uncertainty regarding the Federal Reserve's interest rate adjustments.Moreover, the geopolitical risk premium in oil prices has diminished as talks for a ceasefire in Gaza progress. South Korea's Fair Trade Commission (FTC) announced on Friday that food makers and suppliers will now be required to inform consumers if they reduce the size of their products, or face fines of up to 10 million won ($7,300). The FTC designated the practice of reducing product portions while maintaining the same price, known as shrinkflation, as an unfair transaction subject to penalties. Processed food makers and manufacturers of household supplies like toilet paper, shampoo, and detergents will need to display labels for three months if they downsize their products in a way that increases the unit price.This new rule will come into effect in August after a three-month grace period, and violators will face fines of 5 million won for the first offense and 10 million won for subsequent offenses. The FTC stated that the change aims to prevent companies from reducing the size, standard, weight, or quantity of their products without sufficient notice, resulting in consumers unknowingly bearing significant price increases.Shrinkflation has been a concern for consumers and governments globally, as households contend with reduced purchasing power amidst rising inflation. NEWSROOMOIL PRICES SURGE OWING TO SAUDI ARABIA'S DECISION TO RAISE CRUDE PRICESSOUTH KOREA'S FTC TO PENALIZE SHRINKFLATION
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