"The idea is that if these producers honor their word, they'll take close to two million barrels off the market," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut.
He said U.S. crude should continue to trade between $50 and $55 a barrel, but may have difficulty breaking through the upper end of that range.
BMI Research estimated overall compliance with production cuts at about 73 percent, led by high compliance from members of the Gulf Cooperation Council, namely Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman.
Prices were also lifted by news of record Chinese car sales, which grew by 13.7 percent between 2015 and 2016 to 28 million sold vehicles.
Reflecting China's growing fuel consumption, its net crude imports will rise 5.3 percent to 396 million tons (around 8 million bpd) in 2017, state-owned China National Petroleum Corp (CNPC) said on Thursday. Its crude demand will hit a record 594 million tons this year (around 12 million bpd), CNPC said.
In the United States, traders said an inventory report published by the U.S. Energy Information Administration on Wednesday implied oversupply. Crude stocks unexpectedly rose by 4.1 million barrels to 483.11 million barrels.