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Crude prices climbed above US$50/b on Wednesday amid speculation that oil exporters' group OPEC would cut production for the first time in eight years.
The cartel has reached an agreement to trim output to 32.5Mb/d, down from a current ceiling of 33.6Mb/d, according to sources familiar with negotiations.
Prices jumped after Iran's oil minister, Bijan Zanganeh, said he was confident OPEC would reach a deal during a meeting in Vienna later in the day.
Benchmark Brent crude rose to US$50.11/b in early trading on Wednesday, up 8% on its daily opening price.
In September, Opec agreed a tentative deal to slash output by at least 700,000b/d in a bid to end a two-year price slump that has eroded oil export revenues and sent shockwaves through global markets.
Prices hit US$114/b amid a commodities boom in June 2014 before sinking to a nadir of US$28/b in January.