Oil prices rose 2 percent on Wednesday, despite a rise in U.S. crude inventories, after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts.
U.S. West Texas Intermediate (WTI) crude futures ended Wednesday's session up 93 cents, or 1.9 percent, at $50.41 a barrel. That marked the best closing level going back to May 24.
Brent crude futures were up $1.15, or 2.1 percent, to $56.29 a barrel by 2:29 p.m. (1829 GMT). They having struck the highest intraday level since April 12 and were closing in on the 2017 high of $58.37.
U.S. crude oil stockpiles jumped last week as imports and production increased, the U.S. Energy Information Administration said, as operations resumed from the impact of Hurricane Harvey which hit the Gulf Coast on Aug. 25.