Crude oil prices soared on Tuesday, with WTI raising $50 per barrel for the first time in ten months, after an OPEC+ agreement on a very slight increase in its black gold production in February and March.

North Sea Brent crude oil for March delivery rose 4.91% or $2.51 from Monday's close to $53.60, shortly after reaching $53.76, a price most seen since March 3.

For its part, US WTI oil rose by 4.85% or $2.31 to $49.93, after temporarily raking in more than 5% and rising to $50.05, the first since February 26.

Members of the Organization of Petroleum Exporting Countries (OPEC) and their partners agreed on Tuesday to limit the increase in their production more than expected.

The volume voluntarily withdrawn from the market by the Opep+ alliance will increase from 7.2 million barrels per day (mbd) in January to 7.125 mbd in February and 7.05 mbd in March, the cartel announced at the end of the first ministerial summit of 2021, calling for “caution” in the face of the health crisis.

The objective for the producers' club, whose frequency of meetings has accelerated as a result of the health crisis, is above all to adjust the supply of black gold month by month, with the aim of supporting crude oil prices.

“A more conservative approach on the part of the group, given the period of uncertainty we are in, is very well received by the markets and should keep prices high,” Oanda analyst Craig Erlam told AFP.