New York — Oil prices rose nearly 2% on Wednesday, despite a rise in US crude inventories, with the market heading for its largest third-quarter gain in 13 years after the Iraqi oil minister said Opec and its partners were considering extending or deepening output cuts. Brent crude futures rose $1.06, or 1.9%, to $56.20 a barrel by 4.19pm GMT, while US West Texas Intermediate (WTI) crude futures gained 91 cents, or 1.8%, to $50.39. Crude prices were on course for a rise of nearly 16 % this quarter, which would make this year’s performance the strongest for the third quarter since 2004. US crude oil stockpiles jumped last week as imports and production increased, the US Energy Information Administration said, as operations resumed from the impact of Hurricane Harvey which hit the Gulf Coast on August 25. Crude inventories rose for a third straight week, building by 4.6-million barrels, about a million more barrels than forecast. "The impact of Hurricane Harvey can still be seen in to...
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