BY FESTUS OKOROMADU
Oil prices fell as much as 2 percent yesterday after Iraq said it wanted to be exempted from an Organization of the Petroleum Exporting Countries (OPEC) production cut, though prices drew some support from a rally in Wall Street shares and a draw in crude inventories at the U.S. storage hub of Cushing, Oklahoma.
Brent crude futures were down $1.09, or 2.1 percent, at $50.69 a barrel by 12:43 p.m. ET (1643 GMT). U.S. West Texas Intermediate (WTI) crude fell $1.09, or 2.1 percent, to $49.76.
TIt would be recalled that the OPEC announced plans last month to cut output to boost prices, but was yet to give details on how it will reach the target. The group will iron out the details of how it will hit the target at its next meeting in Vienna on Nov.ember 30.
Iraqi oil minister Jabar Ali al-Luaibi said on Sunday that the country, second largest producer in OPEC, wanted to be exempted from output curbs as it needed more money to fight Islamic State militants