Oil prices fell away from 5-week highs early on Wednesday, as analysts doubted possible producer talks to rein in ballooning oversupply would be successful. Brent crude futures were trading at $48.92 per barrel at 0158 GMT, down 31 cents from their last settlement. 

Despite the dip, prices are still up over 17 percent since early August and remain not far off a five-week high of $49.36 a barrel reached the previous day. U.S. West Texas Intermediate (WTI) crude was at $46.38 per barrel, down 20 cents from its last close, but still up 18 percent from early August. 

Traders said that profit-taking following recent rallies was weighing on prices, and there were also doubts that producer talks to rein in oversupply would be successful. The Organization of the Petroleum Exporting Countries will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month, with sources citing Saudi Arabia's wish for higher prices. 

"The rumour mill around producer cooperation has resumed, spurred by recent comments from Saudi Arabia's oil minister, allowing oil prices to gain," said French bank BNP Paribas.

To know more Live ‪Commodity‬ Market, Gold/Silver Mcx, Crude News Updates Just Visit Us at http://ripplesadvisory.com/precious-matel-(gold+silver)-.php or Get Free Trials Just Call @98-27-80-80-90