Oil Prices Edged Higher Amid Reports OPEC+ Will Postpone Supply Increase

Forex - ANZ research analysts noted that oil prices increased in early Asian trading due to news of potential delays in OPEC's planned production increases. According to the analysts' report, key OPEC+ countries have started discussions to potentially postpone the resumption of oil production planned for January by several months. UOB analysts also mention that Israel reaching a ceasefire agreement with Lebanon has put pressure on prices. The front-month West Texas Intermediate crude oil contracts rose by 0.03% to $68.80 per barrel, while the front-month Brent crude oil contracts increased by 0.08% to $72.89 per barrel.