TOKYO: 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. inventories.U.S. West Texas Intermediate crude futures were up 37 cents, or 0.8 percent, at $49.85 a barrel at 0226 GMT. On Tuesday, the contract declined 43 cents to $49.48.Brent crude futures were 25 cents, or 0.5 percent, higher at $55.39. This has prompted more talk about including Libya and Nigeria in the pact.Meanwhile, U.S. crude stocks rose last week while gasoline and distillate stocks decreased, data from industry group the American Petroleum Institute (API) showed on Tuesday. [API/S]Crude inventories rose by 1.4 million barrels in the week to Sept. 15 to 470.3 million, compared with expectations for an increase of 3.5 million barrels.

Source: The Star September 20, 2017 03:30 UTC