Oil prices surged as much as 5 percent on Friday as OPEC agreed to a modest increase in output to compensate for losses in production at a time of rising global demand.
U.S. West Texas Intermediate (WTI) crude futures finished Friday's session up $3.04, or 4.6 percent, at $68.58 a barrel. The contract posted its biggest daily jump since November 2016.
Brent crude oil futures rose $2.50, or 3.4 percent, to $75.55 per barrel.
The Organization of the Petroleum Exporting Countries said in a statement that it would go back to 100 percent compliance with previously agreed output cuts but gave no concrete figures.
Saudi Arabia said the move would translate into a nominal output rise of around 1 million barrels per day (bpd), or 1 percent of global supply. Iraq said the real increase would be around 770,000 bpd because several countries that had suffered production declines would struggle to reach full quotas.
The actual output increases set a bullish tone, as they came in below some of the highest figures that had been discussed prior to the meeting.