Investing.com - {{8833|Oil} was up over 4% Wednesday as hopes grow for an OPEC deal to stabilize the market.
Brent crude was up $2.33, or 4.92% at $49.65 at 05:00 ET after high of $50.15. U.S. crude added 4.71% to $47.36.
OPEC members were starting their formal meeting in Vienna.
Iranian oil minister Bijan Zanganeh said before the meeting he believes OPEC would reach an output deal.
Positive noises also emerged from other OPEC members.