After the major oil producers agreed to keep supply in check and increase output from January slightly, Brent crude oil futures surged to below $50 per barrel
Brent inched higher by 27 cents to $48.98 per barrel by 1434 GMT after reaching its highest since March at $49.92. WTI rose 14 cents to $45.78 per barrel. Both the benchmarks are set for a 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+ was likely to continue with current cuts until at least March after earlier revoking plan to increase output by 2 mn bpd.