Oil prices jumped more than 5 percent on Friday as big Middle East Producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.

Benchmark Brent crude oil LCOc1 rose $3.26 a barrel to a high of $63.32 by 1355 GMT. In early trade, Brent had fallen below $60 when it looked as if oil exporters might not agree.

U.S. light crude CLc1 rose $2.62 to a high of $54.11 a barrel before slipping to around $53.90.

Prices fell almost 3 percent on Thursday after the Organization of the Petroleum Exporting Countries ended a meeting in Vienna with only a tentative deal to tackle weak prices. Talks with other producers were held on Friday.

Oil prices have plunged 30 percent since October as supply has surged and global demand growth has weakened.

via Reuters