Oil prices rose to record its best weekly performance in at least five years and settled above $ 51 a barrel after OPEC's decision to cut crude production to curb global supply glut, which put pressure on prices in more than two years.
After the agreement was announced last Wednesday, the market focused on the implementation and impact of the first agreement since 2008 for OPEC to cut production, which will involve Russia and perhaps others Producers are not members of the organization.
Oil prices came under pressure due to data showing that oil production in Russia rose in November to its highest level after the Soviet era and reports that Moscow plans to use the record level of crude production, which reached last month as a basis to reduce their production.
And International benchmark Brent crude contracts increased in the month of entitlement to the nearest 52 cents or 0.96 percent to reach at the settlement of $ 54.46 a barrel. The Brent contract rose more than 15 percent over the week, its biggest weekly gains since early 2009.
US crude ended the session, up 62 cents or 1.21 percent to reach settlement of $ 51.68 a barrel and achieves the biggest weekly gains since early 2011, gaining 12 percent.
The oil got support from the dollar's decline, which fell against a basket of currencies. But traders said the profit taking ahead of the weekend limited the crude gains.
Prices surged to their highest levels during Friday's session after the White House said that it is expected that US President Barack Obama believes the legislation extends sanctions against Iran for another ten years to become law.