For the first time in eight years, some of the world’s largest oil producers have agreed to cut production to prop up prices.
Oil prices surged eight per cent on Wednesday after sources said Saudi Arabia agreed to a nearly half-million barrel a day hit to its output.
Iran will freeze its output at pre-sanction levels.
Brent crude, the international benchmark price, climbed more than eight per cent to break through $50 a barrel on Wednesday after a four per cent loss the day before.
U.S. West Texas Intermediate (WTI), the North American benchmark, is up $3.35 to $48.54 a barrel.