Mubasher: Oil prices saw a rise in early Wednesday's trades ahead of OPEC meeting later in the day.
By 4:15am GMT, Brent crude futures rose by 34 cents or 0.72% to $47.66 per barrel and US West Texas Intermediate (WTI) also increased by 64 cents or 0.64% to $45.52 per barrel.
Investors are holding hopes on today's OPEC meeting in Vienna to make a freeze/cut decision that aims at putting an end to a three-year oil oversupply, which has been slashing prices by half since 2014, said market analyst Ahmed Karm.
"Oil glut will not be solved by lowering production by less than 1.2 million barrels daily", Karm added, expecting today's meeting to reach a dead end due to the current disputes between Iran, Iraq and Saudi Arabia.
