Tokyo — Oil prices rose on Wednesday after Iraq’s oil minister said oil cartel 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 US inventories. US West Texas Intermediate (WTI) crude futures were up 37c, or 0.8%, at $49.85 a barrel at 2.26am GMT. On Tuesday, the contract declined 43c to $49.48. Brent crude futures were 25c, or 0.5%, higher at $55.39. They settled down 34c at $55.14 a barrel the previous session, not far off a five-month high of $55.99. While options being considered by Opec and other producers included an extension of cuts in output by months, it was premature to decide on what to do beyond March, when the agreement expired, Iraqi oil minister Jabar al-Luaibi told an energy conference in the United Arab Emirates (UAE) on Tuesday. Opec and producers including Russia have agreed to reduce output by about 1.8-million barrels a day until March 2018 in...
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