Brent crude oil price surged to $57.89 a barrel – the highest since July 2015 – before falling back to $56.55, although that was still a gain of 4.1% on the day.
On December 10, non-OPEC countries agreed to cut their output by 558,000 barrels a day in a deal designed to reduce oversupply and boost prices.
OPEC announced last month that it would be cutting its own production.
It committed to halting the supply of 1.2 million barrels a day, starting from January.
The new deal is the first global pact in 15 years.
Saudi Arabia has also signaled it could cut its output more than first suggested – something that could further lift prices.
But some expressed doubts about the deal’s long-term chances of success.
Those taking part in December 10 deal included Russia – which will provide the lion’s share of the cut – as well as Mexico and Bahrain among others.
The move comes after more than two years of depressed oil prices, which have more than halved since 2014 due to a supply glut on the market.
Donald Trump's lawyer hit back against prosecutors, accusing their star witness - Michael Cohen -…
A 71-year-old man has been charged with the attempted murder of Slovak Prime Minister Robert…
Slovak PM Robert Fico is fighting for his life in hospital after being shot in…
The dental health industry is undergoing an unprecedented transformation, driven by technological innovations and a…
In recent years, the medical field has observed a significant increase in the number of…
Whether you're considering selling your home soon or simply looking to enhance its long-term value,…