Last week, the Organization of the Petroleum Exporting Countries (OPEC) and other major oil exporters agreed to steepen production cuts by an additional 500,000 barrels a day, bringing the total cuts to 1.7 million barrels daily,
This additional adjustment would be effective as of Jan. 1, 2020 and is subject to full conformity by every participating country, according to a statement released by OPEC on Friday.
The announcement eased investors' lingering concerns about oversupply in the market.
The West Texas Intermediate (WTI) for January delivery increased 0.22 U.S. dollar to settle at 59.24 dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery added 0.09 dollar to close at 64.34 dollars a barrel on the London ICE Futures Exchange.
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