Oil prices have increased by more than 2% after energy ministers of Saudi Arabia and Russia jointly stated that a crude output curb deal would be extended until March 2018.
Earlier, the deal was scheduled to end next month.
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Brent crude traded at $51.88 per barrel after increasing by 2.1%, while the US West Texas Intermediate (WTI) crude touched $48.85 to gain $1.01, reported Reuters.
Saudi Energy Minister Khalid al-Falih with his Russian counterpart Alexander Novak confirmed in a statement that the curb on crude supplies would be extended until the end of March next year.
The Organization of the Petroleum Exporting Countries (OPEC) and other key producers such as Russia decided to decrease output by 1.8 million barrels per day (bpd) for the first half of the current year.
Under the deal, the OPEC-members pledged to reduce output to 1.2 million bpd, while the remaining volume would be cut by non-OPEC producers.
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By GlobalDataOPEC is scheduled in meet on 25 May to determine the extension of an oil curb deal.
Saudi Arabia and Russia produce approximately 20 million bpd of crude combined, which is approximately one-fifth of global consumption.
Despite ongoing efforts from OPEC and Russia, oil prices have not risen as expected due to a consistent rise in US output.
