Oil rise after Iraq signals cut extension
September 20, 2017 | 11:03 am| | | Start Conversation
Oil prices rose on Wednesday after Iraq’s oil minister said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut, while a report showed a smaller-than-expected increase in U.S. inventries.
U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.6 percent, at $49.78 a barrel at 0644 GMT. Brent crude futures climbed 22 cents, or 0.4 percent, to $55.37.
While options being considered by the Organization of the Petroleum Exporting Countries and other producers include an extension of cuts in output by months, it is premature to decide on what to do beyond March, when the agreement expires, Iraqi oil minister Jabar al-Luaibi told an energy conference in the United Arab Emirates on Tuesday.
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