WASHINGTON (dpa-AFX) - Oil prices traded higher on Tuesday, after having fallen nearly 3 percent in the previous session following reports that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days.
Benchmark Brent crude futures rose 0.4 percent to $72.79 a barrel in European trade while WTI crude futures were up 0.7 percent at $69.42.
'The atmosphere is positive, and cease-fire discussions have reached an advanced stage. It's only a matter of hours before an agreement is finalized and announced if progress continues as expected,' a Lebanese parliamentarian said Monday.
Israeli media outlets Haaretz, Walla, Ynet, Kan and American news website Axios also reported progress in the U.S.-led ceasefire talks.
Elsewhere, Russian forces are advancing in Ukraine at the fastest rate since the early months of the war, according to a respected U.S.-based thinktank.
Reports indicate that Moscow is edging closer to the key logistics town of Pokrovsk in Donetsk.
Reuters reported that OPEC+ plans to hold its Dec. 1 oil policy meeting online rather than in-person as originally indicated.
It is very likely that the group will consider keeping production cuts in place from January 1.
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