Saudi Arabia's willingness to voluntarily reduce crude oil production has pushed black commodity trading to a 10-month high.
Saudi Arabia promises to reduce its production by 1 million barrels a day in February and March.
The cuts are part of an agreement to convince OPEC member states and their allies to maintain output amid fears the implementation of new coronavirus restrictions will affect fuel demand.
Following that, Brent crude futures jumped higher at $ 54.00 a barrel. while the US WTI strengthened at $ 50.16 a barrel.
The announcement was made after OPEC + reached an agreement from a two-day meeting, in which other manufacturers will ensure their current production levels do not change or make small increases.
Russia and Kazakhstan were allowed to increase their production by 75,000 barrels a day in February and March.
Also supporting the price strengthening was political tensions between Tehran and Seoul following the seizure of a South Korean ship by the Iranian Revolutionary Guards in the Hormuz Strait.
In addition, price increases were also driven by a drop in US crude oil supply of 1.66 million barrels last week, according to estimates by the American Petroleum Institute (API).
