Oil prices pared losses from earlier in the session to trade higher on near-term tight supply and risks of disruptions from the Middle East. The Organization of the Petroleum Exporting Countries and allies extended their voluntary production cuts of 2.2 million barrels per day till the end of December. This is likely to support the market for the time-being amid heightened Middle East tensions. Experts believe that the market would react if tensions escalated further between Israel and Iran. Oil prices had fallen sharply since last week, with the West Texas Intermediate (WTI) crude falling bel…