Doha: Oil prices steadied on Wednesday as the market evaluated the implications of a recent ceasefire agreement between Lebanon and the Israeli entity. This development comes just days before the anticipated OPEC+ meeting scheduled for Sunday, where key producers will deliberate on future oil output strategies.

According to Qatar News Agency, Brent crude futures experienced a slight decline, falling by 2 cents to settle at $72.79 per barrel. Meanwhile, US West Texas Intermediate crude futures saw a marginal decrease of 4 cents, bringing the price to $68.73 per barrel, reflecting a 0.1 percent drop.

OPEC+, which includes the Organization of the Petroleum Exporting Countries and its allies, is reportedly in discussions regarding a possible postponement of a planned increase in oil output initially set for January. Two sources from the producer group indicated these discussions are taking place ahead of the meeting on December 1, where policies for early 2025 will be determined.