05:03 AM EST, 11/27/2024 (MT Newswires) -- Crude oil prices edged higher, after dropping following a ceasefire deal between Israel and Lebanon, as markets contemplated the development's potential impact.

Brent crude rose less than 0.1% to US$72.85 per barrel and West Texas Intermediate crude gained less than 0.1% to US$68.82/b at last look early Wednesday. The ceasefire cleared the way for an end to the conflict across the Israeli-Lebanese border, Reuters said in a Wednesday report.

Meanwhile, sources from the Organization of the Petroleum Exporting Countries and allied producers said the group is considering a further delay to oil output hikes due to start in January, amid a slowdown in Chinese and global demand and rising non-OPEC+ output, the report said.

OPEC+ is set to meet on Dec. 1 to decide its policy for early 2025. The output increases could start in April instead of January, Citi Research analysts said, as quoted by Reuters.

"From the producer group's point of view, holding off the unwind could allow the market the chance to be more balanced, via supply disruptions or more resilient demand, while bringing barrels back makes lower prices a foregone conclusion," Reuters quoted the analysts as saying.