Brent and West Texas Intermediate rebounded from the lowest closing levels in more than five years amid signs that U.S. oil producers were curbing investment as price competition intensified between OPEC’s largest members. Futures rose 0.7 percent in London, reversing an earlier loss of 1.4 percent. Iraq, the second-largest producer in the Organization of Petroleum Exporting Countries, reduced its Basrah Light crude price for January to the lowest in at least 11 years yesterday. ConocoPhillips cut its spending for next year by about 20 percent, deferring investment in shale plays including the Permian and Niobrara. Crude is trading in a bear market as the highest U.S. production in three decades exacerbates a global glut. Saudi Arabia, which led OPEC’s decision to maintain rather than cut output at a Nov. 27 meeting, last week offered supplies to its Asian customers at the deepest discount in at least 14 years. “U.S. […]