TODAY’S HONEST CRUDE OIL UPDATE

TODAY’S HONEST CRUDE OIL UPDATE
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 US inventories.

US West Texas Intermediate (WTI) crude futures were up 34 cents at $49.82 a barrel at 0018 GMT. On Tuesday, the contract declined 43 cents to $49.48.

Brent crude futures were 24 cents higher at $55.38. They settled down 34 cents at $55.14 a barrel the previous session, not far off a five-month high of $55.99.

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