Oil prices rose slightly on Wednesday as markets assessed the potential impact of a ceasefire agreement between Israel and Hezbollah and the OPEC+ meeting on Sunday, during which the group could delay a planned increase in oil production.

Brent crude oil futures rose 29 cents, or 0.4%, to $73.10 per barrel at 07:50 GMT and American West Texas Intermediate crude oil rose 26 cents, or 0.4%, to $69.03 per barrel at 07:50 GMT and American West Texas Intermediate crude oil rose 26 cents, or 0.4%, to $69.03 per barrel.

Both benchmarks fell on Tuesday after Israel agreed to a ceasefire agreement with Lebanese Hezbollah.

The ceasefire between Israel and Iran-backed Hezbollah went into effect on Wednesday after both parties accepted the deal brokered by the United States and France.

The deal paves the way for the end of a conflict on the Israeli-Lebanese border, which has killed thousands since it was triggered by the Gaza war last year.

OPEC+ group sources including the Organization of Petroleum Exporting Countries and its Russian-led allies said the producer group was discussing a further delay in the increase in oil production that was due to start in January.

OPEC+, which meets on December 1 to decide on its policy for early 2025, pumps about half of the world's oil and had planned to gradually reduce oil production over 2024 and 2025. But a slowdown in Chinese and global demand, as well as an increase in production outside the group, put a brake on this plan.

In the United States, President-elect Trump said he would impose a 25% tariff on all products entering the United States from Mexico and Canada.

Crude oil would not be exempt from trade sanctions, sources told Reuters on Tuesday.

At the same time, U.S. crude oil inventories fell and fuel inventories rose last week, market sources said on Tuesday, citing API figures.