Oil Holds Steady, Focus on Israel-Hezbollah Ceasefire, OPEC+ Meeting
Oil prices edged up on Wednesday, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah and Sunday's OPEC+ meeting, in which the group could delay a planned increase to oil output.
Brent crude futures rose 29 cents, or 0.4%, to $73.10 a barrel by 0750 GMT and U.S. West Texas Intermediate crude was up 26 cents, or 0.4%, at $69.03.
Both benchmarks settled lower on Tuesday after Israel agreed to a ceasefire deal with Lebanon's Hezbollah.
The ceasefire between Israel and Iran-backed Hezbollah came into effect on Wednesday after both sides accepted the agreement brokered by the U.S. and France.
The accord cleared the way for an end to a conflict across the Israeli-Lebanese border, which has killed thousands of people since it was ignited by the Gaza war last year.
Source : Reuters