Israel pours cold water on Lebanon ceasefire proposals- Brent lifts on the news

Earlier today an update here noted the slide in oil prices. This was largely predicated on the news surrounding a potential ceasefire deal in the Lebanon. However, it also seemingly had roots in FT reports concerning the potential for Saudi  Arabia to shift its production policy and shunt more supply onto the market. Well, according to the latest reports from the Israeli PM, there seems to be little basis in the prospect of a ceasefire deal and Netanyahu has just said he is instructing his forces to continue their attacks. This news has helped to lift oil prices somewhat, but not dramatically so at this stage. The price was off the lows anyway, which had earlier seen November Brent slide to just below $70.75. It is currently trading at $71.90