2017.09.2008:28:00UTC+00Crude Oil Stuck Near $50 Despite OPEC Supply Quota

Crude oil futures rose Wednesday morning amid hopes that OPEC will extend its supply quota plan in an effort to end the global supply glut.

Quotes from a key oil conference in the Middle East indicate that Saudi Arabia, Iraq and others are prepared to cut production by another 1 or 2% this year.

Meanwhile, U.S. crude oil stockpiles are on the rise, keeping prices in check.

The American Petroleum Institutes said oil inventories were up 1.4 million barrels last week, as refineries were getting back to normal after Hurricane Harvey.

The Energy Information is out with its official inventories report this morning.

WTI light sweet crude oil was up 53 cents at $50 a barrel, having been unable to hold that mark over the past few weeks.