05:03 AM EST, 12/02/2024 (MT Newswires) -- Crude oil prices advanced early on Monday on strong factory activity in China and heightened tensions in the Middle East despite a ceasefire between Israel and Lebanon.

Brent crude rose 0.8% to US$72.39 per barrel and West Texas Intermediate crude increased 0.8% to US$68.52/b at last look. This comes after a private-sector survey showed China's factory activity expanded at the fastest pace in five months in November, Reuters said in a Monday report.

A truce between Israel and Lebanon took effect last week, but the countries accused each other of breaching the agreement, the report said. The Lebanese health ministry said several people were wounded in Israeli strikes in south Lebanon, according to Reuters.

Meanwhile, the Organization of the Petroleum Exporting Countries and allied producers are expected to delay their planned oil output increase during their meeting this week.

"An indefinite delay may be the best case for oil prices, given that earlier rounds of delays by a month or so have failed to drive higher oil prices in line with what OPEC+ intended," Reuters quoted IG market strategist Yeap Jun Rong as saying.