Crude oil prices edged higher Wednesday on continued hopes for supply action by the Organization of the Petroleum Exporting Countries, but growing global oil supplies have sown doubts about the cartel’s commitment to curtail output. Brent crude, the global oil benchmark, rose 0.7% to $52.74 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.3% at $50.97 a barrel. “We think the expectations are extremely exaggerated and we don’t expect an OPEC production cut or even a freeze with all the [country] exclusions becoming the rule,“ he said. OPEC pumped a record amount of oil last month, according to the International Energy Agency. Member countries Iran, Libya and Nigeria—all of which gained an exemption from the deal due—say they plan to raise output in the near future by another 580,000 barrels or so, an amount about equal to […]