Oil prices rose more than 4 percent to a three-week high on Monday, bolstered by growing conviction that major oil producing countries would agree to limit output at a meeting next week.
Brent crude oil briefly touched $49 a barrel. The London benchmark has risen 11 percent in a week since Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, started a diplomatic charm offensive to persuade the group's more reluctant members to join its proposed output plan.
In recent days, several OPEC members including Iran, along with non-member Russia, have suggested they were leaning toward a deal to limit output.
"When you've got all of the major players on board with a production cut, obviously you're very close to getting a deal done," said Phil Flynn, senior market analyst at Price Futures Group in Chicago.
"You never know with OPEC — sometimes they go to the last minute and there are a lot of false starts."