Oil futures prices rose after an earlier decline on Tuesday following the International Monetary Fund's (IMF) decision to raise its 2024 global economic growth forecast by 0.2 percentage points to 3.1%, noting that the US and China, the second largest oil importer, will contribute the most to growth.
After Hamas said it received a proposal to halt fighting in Gaza, seemingly raising hopes of the Middle East de-escalation, Israeli Prime Minister Benjamin Netanyahu noted that his country has no intention to release thousands of Palestinian "terrorists" from prison.
West Texas Intermediate (WTI) for March settlements increased 1.54% to trade at $77.89 a barrel at 11:51 am ET. Brent for the same month's contracts rose by 0.79% to sell at $82.99 per barrel.
