However, higher output from the United States, which did not participate in the agreement to cut supplies, has limited the impact of the OPEC-led effort.
Crude oil futures inched lower Tuesday, ending a streak four consecutive winning sessions after a warning on the global supply glut.
Benchmark futures prices for US crude rose 3.2% on the news to trade at $49.41 a barrel by 0800 Eastern Time, while shares in big shale oil and gas companies such as and Whiting Petroleum were also higher.
HONG KONG (AP) - A strong U.S.jobs report shored up markets on Friday, though energy shares remained under pressure after the price of oil touched its lowest level in nearly six months.
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Oil prices spiked after Saudi Arabia and Russian Federation said they favour prolonging agreed Opec and non-Opec output cuts into the first quarter of next year.
"The production cut did one sure thing to the oil price which is to put a floor under how low it could go, so in that way OPEC and Russian Federation have been successful", said Ali Hamoudi, CEO at Adaa Financial Services in Dubai.
Al Rumhy's counterparts from Iraq and Algeria said Thursday in Baghdad that OPEC and its allies support extending the cuts for another six months.
The agreement needs to be extended as we will not reach the desired inventory level by end of June.
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The timing and wording of the statement sent crude prices up more than 1.5 per cent in Asian trading.
While the curbs by producers are working, "we are not where we want to be" in bringing global inventories down "gently" below the five-year average, Al-Falih said.
Even so, McGillian said, "We still have a near record overhang and signs of increasing production in areas of the world outside the producers that agreed to the cuts".
US shale drillers aren't the only ones threatening to offset OPEC's oil production cuts. Last year they agreed the first joint output cuts in 15 years despite major political differences, including their support for opposite sides in the Syrian war.
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Global crude oil supply inched down by 140,000 barrels daily last month, to 96.17 million bpd, the International Energy Agency said in the latest edition of its Oil Market Report. According to them, when the stock price of oil falls below $50 per barrel, people tend to purchase the commodity and sell it when it reaches to $50 per barrel or more than that.
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