Oil Prices Stable as Israel-Hezbollah Ceasefire Takes Effect

Crude oil prices remained stable today as a ceasefire between Israel and Hezbollah took effect, suggesting the end of violence in the oil region could be in sight. Separately, expectations that OPEC+ will extend its production cuts on Sunday helped keep the benchmarks steady. Brent crude was trading at $72.88 per barrel at the time of writing, with West Texas Intermediate at $68.80 per barrel, both slightly up from opening in Asia, after booking a dip on Tuesday, following the announcement of the Israel-Hezbollah ceasefire. However, Israeli strikes…