Ali Abdul Salman 48[ltr] 03/12/2016[/ltr]
After the agreement was announced on Wednesday , the market will focus on theimplementation 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 theorganization.
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 will use therecord level of crude production , which reached last month as a basis to reduce theirproduction.
By 1634 GMT , futures rose to global crude measurement Brent contract month closest maturity of 18 cents to $ 54.12 a barrel , up 0.3 percent. Crude has risen about 15 percent since the beginning of the week, the biggest weekly gain since early 2009
and stepped up futures contracts for WTI US mediator 27 cents to $ 51.33 a barrel, heading towards record biggest weekly gain since August 2015.
He received oil on 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.