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 (WTI) 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. They settled down 34 cents at $55.14 a barrel the previous session, not far off a five-month high of $55.99.

While options being considered by the Organization of the Petroleum Exporting Countries and other producers include an extension of cuts in output by months, it is premature to decide on what to do beyond March, when the agreement expires.

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