05:04 AM EDT, 10/09/2024 (MT Newswires) -- Crude oil prices edged higher early on Wednesday as the market focused on developments in the Middle East and await a government meeting on China's fiscal policy.

Brent crude gained 0.5% to US$77.54 per barrel and West Texas Intermediate crude rose 0.3% to US$73.81/b at last look early Wednesday. This comes after prices fell in the previous session on the possibility that there could be a Hezbollah-Israel ceasefire, but the potential for an Israeli attack on Iran's oil infrastructure remains, Reuters said in a Wednesday report.

"The everyday dilemma of 'Middle Eastern headlines' moving like a pendulum between 'ceasefire talks' and 'further escalation in attacks' has been distracting investors from reality ... Oil markets are twirled in sentiments of 'buying the rumour' and sidelining the real fundamentals that should matter," Reuters quoted Priyanka Sachdeva, a senior market analyst at Phillip Nova, as saying.

China's finance ministry is also set to unveil plans on fiscal stimulus this weekend, providing support to oil prices, the report said.