WASHINGTON (dpa-AFX) - Oil prices traded higher on Wednesday after climbing more than 2 percent the previous day.
Benchmark Brent crude futures edged up by 0.3 percent to $73.83 in European trade, after rallying 2.5 percent on Tuesday, marking its biggest gain in two weeks. WTI crude futures were up 0.2 percent at $70.0.
Geopolitical tensions helped lift prices after Israel threatened to attack the Lebanese state if its truce with Hezbollah fails.
'If we return to war, we will act with strength, go deeper,' Israel's defense minister Katz said during a visit on Tuesday to the 146th Division of the Israel Defense Forces, near the Lebanese border, should the agreement fall apart.
Traders also weighed up the prospect of OPEC+ declaring an extension of production curbs this week and awaited cues from the release of U.S. jobs data and remarks from Federal Reserve Chair Jerome Powell.
On the demand side, the global economy is projected to remain resilient despite significant challenges, according to the latest economic outlook report from the Organization for Economic Co-operation and Development (OECD).
The report projects global GDP growth of 3.3 percent in 2025, up from 3.2 percent in 2024, and 3.3 percent in 2026.
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