Oil gains more than 3%

Oil prices advanced on Thursday, extending recent gains into a sixth straight day, supported by prospects of an output freeze by major producers, a decline in US crude stockpiles and a weaker dollar.

West Texas Intermediate crude for September climbed by 3.03%, to $48.23 a barrel on the New York Mercantile Exchange. WTI set a high of $48.29/bbl, last seen Jul 5. Overseas counterpart Brent crude traded above $50 a barrel for the first time in six weeks.

Hopes of a potential deal between OPEC and non-OPEC producers to freeze output have been supporting crude prices,with WTI nearly 20% above its recent settlement low of $39.51.

Adding to oil rally, EIA reported Wednesday crude stockpiles fell by 2.5 million barrels in the week ended Aug 12, marking the first decrease in four weeks.