Oil prices held at more than one-month lows, after sliding in the previous two sessions, as markets weighed a potential ceasefire between Israel and Hezbollah and rising OPEC+ crude supplies against a possible drop in U.S. fuel stocks.
Brent crude futures gained 38 cents, or 0.5%, to $71.50 a barrel by 0451 GMT. U.S. West Texas Intermediate crude futures rose 43 cents, or 0.6%, to $67.64 per barrel.
Prices fell for a second straight session on Tuesday when an Axios reporter said on X that Israeli Prime Minister Benjamin Netanyahu would hold an imminent meeting with several ministers, the heads of the military and intelligence community about talks on a diplomatic solution to the war in Lebanon.
A deal that would end the fighting between Israel and Hezbollah could be achieved within a few weeks, Israeli and U.S. officials said, according to Axios.
“A hefty plunge in oil prices since the start of the week may call for an attempt to stabilise in today’s session, but overall gains remain limited, given the lack of bullish catalysts to drive a more sustained up-move,” said IG market strategist Yeap Jun Rong in an email.
