Oil prices jumped more than 7 percent on Wednesday as some of the world’s largest oil producers gathered in Vienna to agree on a production cut that could be bigger than expected.
Brent crude futures were up $3.33 at $49.71 per barrel by 1102 GMT, on course for their biggest one-day move in nine months. U.S. West Texas Intermediate (WTI) crude futures were $2.95 higher at $48.18 a barrel.
The Organization of the Petroleum Exporting Countries started a meeting at 0900 GMT on Wednesday at its Vienna headquarters to discuss terms of a potential deal to cut production in an effort to prop up prices that have fallen by more than half since 2014 due to oversupply.
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