Kuwait crude up $4.99 to $47.68 pb

Brent crude futures contracts rose $2.10, 4.1 percent, to settle $53. 94 pb while US crude rose $1.62, 3.3 percent, to reach $51.06 pb.

The Organization of the Petroleum Exporting Countries (OPEC) ministerial meeting has reached a deal to cut oil crude production by 1.2 million barrels a day starting from January, 2017.

Meanwhile, OPEC daily basket price rose by $4.55 on Thursday to $49.35 per barrel (pb), compared with $44.80 the previous day, the organization said on Friday.

The OPEC bulletin added that the annual rate of its basket price for 2015 was $49.49 pb.

On Wednesday, the OPEC members concluded a historical deal in Vienna to cut production by 1.2 million barrel daily as of 1 January. It also received vows from non-OPEC producers to cut production by 600,000 barrels per day; Russia alone will cut 300,000 barrels daily. (KUNA)