Oil prices rose on Tuesday to their highest this month as a growing consensus emerged in the market that OPEC would overcome internal disputes and scepticism to strike a deal that materially reduces crude output.
But some warned a failure by the Organization of the Petroleum Exporting Countries to reach agreement at a Nov. 30 meeting, or effectively implement it, would send prices crashing as a two-year glut of crude remained unabated.
Brent crude oil futures LCOc1 were up 85 cents a barrel at $49.75 by 1000 GMT, having earlier risen $1 in a push against the $50 mark for the first time since the end of October.
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