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Oil prices climbed on Wednesday after Iraq's oil minister, Jabar al-Luaibi, said OPEC and other crude producers were mulling the extension or even deepening a production cut to rein in a global glut. Meanwhile, a report indicated a smaller-than-anticipated rise in U.S. stocks.
U.S. WTI crude futures rallied 34 cents at $49.82 per barrel. In the previous day, the contract fell 43 cents to $49.48. Brent crude futures also rallied, rising by 24 cents at $55.38. The international benchmark fell by 34 cents at $55.14 per barrel in the prior session, close to a five-month peak of $55.99.
OPEC and other producers are considering options, including an extension of production cuts by months, but it is too early to do on what actions to take beyond March, when the deal expires, al-Luaibi said during an energy conference in the UAE.
The producer cartel, including Russia and other non-OPEC producers, have committed to a historical agreement to reduce output by around 1.8 million bpd until March 2018 in an effort to lower global oil stockpiles and drive up prices.
