Mubasher: Oil prices had recorded last week the best performance since January 2009 after OPEC members agreed at their Wednesday's meeting in Vienna to cut oil output for the first time since 2008.
Brent crude futures rose 12.9% during 28 November – 2 December to stand at $54.46 per barrel.
US sweet crude oil increased 12.2% to $51.68 a dollar during the same period.
Fitch Ratings said on Thursday that OPEC took big steps towards market rebalancing after compromising a cut deal.
“OPEC's agreement to cut production by 1.2 million barrels of oil per day, and the potential agreement to cut with non-OPEC countries, should help accelerate market re-balancing and increases the chances of more rapid oil price recovery than previously expected,” according to Fitch report.
