Oil prices edge up after sliding on potential Israel-Hezbollah ceasefire

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Oil prices edge up after sliding on potential Israel-Hezbollah ceasefire
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OIL prices edged up on Wednesday as developments in the Middle East took centre stage against cautious demand expectations and ahead of a government meeting on China's fiscal policy.

"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," said Phillip Nova senior market analyst Priyanka Sachdeva in an email.

Also supportive for prices, China's finance ministry will detail plans on fiscal stimulus at a highly-anticipated news conference on Saturday, the government's main information office said on Wednesday.

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