Oil ministers from OPEC’s three biggest members rejected the possibility of a glut in global crude supply next year amid an increase in U.S. output and efforts by Iran and Libya to add barrels to the market. The Organization of Petroleum Exporting Countries, which provides about 40 percent of the world’s oil, won’t need to cut production in 2014 because growth in demand can absorb the additional crude, the ministers from Saudi Arabia, Iraq and Kuwait said yesterday after a meeting of Arab oil exporters in Doha, Qatar. U.S. benchmark West Texas Intermediate crude climbed to a two-month high on Dec. 20 after a report showed the U.S. economy expanded in the third quarter at a faster rate than previously estimated. WTI for February delivery rose 28 cents to $99.32 a barrel in New York. “Do you know why WTI traded near $100 […]