Oil set for strongest Q3 since 2004, Iraq hints at OPEC extensionOil rose was on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut. Brent crude futures were up 48 cents at $55.62 a barrel by 1020 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 54 cents to $50.02. “An improving macroeconomic backdrop should spur oil demand growth over the next couple of quarters, and if OPEC increases its adherence to production cuts, higher prices will come,” ANZ Research said in a note.

Read More At Article Source | Article Attribution