Crude oil futures continued their upmove on Friday and extended their gains after OPEC members agreed on output cuts for the first time in eight years to stifle a two-year price slide. The cartel had agreed in principal on output cuts aimed at stabilizing crude oil prices above $50 a barrel heading into the New Year. Though, the prices suffered some setback with strengthening of dollar and as investors cashed in on crude's 6 percent one-day rise. Also, the United States, a non-OPEC country that is now the world's biggest oil producer, said it had little faith in this week's deal leading to higher prices in the long term.
Benchmark crude oil futures for November delivery gained $0.41 or 0.9 percent to close at $48.24 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for November delivery declined by $0.19 or 0.3 percent to $49.05 a barrel on the ICE.