Oil jumps 8 percent on prospects for big OPEC output cut

By Karolin Schaps and Amanda Cooper LONDON (Reuters) - Oil prices jumped more than 8 percent on Wednesday to a five-week high as some of the world's largest oil producers gathered in Vienna to try to agree a production cut that could be bigger than expected. U.S. West Texas Intermediate (WTI) crude futures were $3.63 higher at $48.86 a barrel, a one-week high. The Organization of the Petroleum Exporting Countries started a meeting at 0900 GMT on Wednesday at its Vienna headquarters to discuss te