Brent ended with a gain of 1.11% and surpassed the 49 dollar mark. The WTI rose to more than 46 dollars with an increase of 1.36%

Oil prices ended at their highest in nine months on Friday, driven by the agreement reached the day before by the main producing countries on a gradual increase in their black gold production starting in January.

North Sea Brent crude oil for February delivery rose 1.11% or 54 cents from Thursday's close to $49.25.

In New York, the American barrel of WTI for the month of January appreciated by 1.36% or 62 cents to 46.26 dollars.

“Oil markets have reason to celebrate” the deal reached by Opep+, reacted Han Tan, an analyst at FXTM.

The group of thirteen members of the Organization of Petroleum Exporting Countries (OPEC) plus ten producing allies, identified by the acronym Opp+, agreed on Thursday to “gradually return” to the market the approximately 2 million barrels per day (mbd) expected at the beginning of next year, starting with 500,000 barrels per day in January, after four days of tough negotiations.

This decision increases the volume of crude oil voluntarily withdrawn from the market by the alliance from 7.7 mbd to 7.2 mbd on 1 January, amending the previous agreement reached in April, which provided for a higher market with the withdrawal of 5.8 mbd, a level considered far too important in view of weak global demand.

This agreement, “more digestible for the global economy, which has always been trying to get back on its feet since the pandemic,” Han Tan said, allows the two reference contracts to return close to their pre-pandemic levels in early March.

At that time, an Opep+ summit ended in disagreement between the alliance's two heavyweights, Russia and Saudi Arabia, and a short but intense price war had driven Brent and WTI prices down.