After the Organization of the Petroleum Exporting Countries (OPEC) agreed to keep supply in check and increase output from January slightly, Brent crude oil futures surged to below USD50 per barrel.
Brent inched higher by 27 cents to USD48.98 per barrel by 1434 GMT after scaled up its highest since March at USD49.92. West Texas International (WTI) rose 14 cents to USD45.78 per barrel. Both the benchmarks are set for the fifth week of gains.
On Thursday, major oil producer Russia and OPEC agreed on easing deep output cuts by 500,000 barrels per day from January with further as yet undefined increases on a monthly basis, failing to reach a compromise on a broader policy for the rest of 2021. OPEC its allies were likely to continue with current cuts until at least March after earlier revoking plan to increase output by 2 mn bpd.