Samir Ahmad Abdul Rahim, 17, suffered bullet wounds to the head, chest and leg. He died shortly after arriving at the Palestine Medical Complex in Ramallah, the Ma'an news agency said.
A statement issued by the Israeli army said soldiers were alerted to an infiltration attempt in the early morning hours near Budrus, northwest of Ramallah.
"An Israel[i army] patrol securing the fence carried out the procedure for arresting suspects, which included gunfire. Later, a report saying a Palestinian was injured by gunfire was received. The circumstances of the incident are being examined."
The teenager was attempting to cut the West Bank security fence when he was spotted by soldiers who called on him to stop. When he ignored their calls, soldiers opened fire, The Jerusalem Post said.
There were conflicting reports on whether stones were thrown at soldiers. A Budrus resident told Ynetnews.com a group of schoolchildren approached the fence and encountered an army ambush. The resident said no stones were thrown at soldiers. However, a Palestinian source told the website a group of schoolchildren threw stones at the soldiers and a clash ensued.
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