Investing.com - Oil Wednesday jumped by over 7% on renewed hopes for an OPEC deal to curb output.
Brent crude added $3.43, or 7.25%, to $50.75 at 07:00 ET. U.S. crude was up 7.10% at $48.44.
Saudi Arabia said to agree to Iran freezing output at pre-sanction levels, paving the way for a possible overall agreement.
Libya and Nigeria would be exempt from cuts.
OPEC is due to hold a news conference at 10:00 ET.
OPEC reached a preliminary accord in September to cut output by up to one million barrels to 32.5 to 33 million barrels a day.
Official Energy Information Administration figures due Wednesday are expected to show a rise in U.S. crude inventories of 636,000 barrels.
The dollar index was higher. A stronger dollar depresses demand for oil.