The price of Brent
crude rose 4.5% to $54.19 a barrel, its highest level this year, after soaring
8.8% on Wednesday.
The deal, Opec's first
output cut for eight years, is designed to reverse a slump in global oil prices
and will see the group reduce production by 1.2 million barrels a day from
January.
But analysts have
raised doubts about its chances of succeeding.
"Compliance is key
and it's worth noting that Opec members don't have the best record on that
front," said Neil Wilson of ETX Capital.
The price of US crude
has also risen, trading 4.3% higher at $51.54 a barrel after jumping 9% on
Wednesday.
"Opec has delivered
an agreement," said Jason Gammel of US investment bank Jefferies.
"For the time being, oil prices have received a huge support."
The output cut follows
several years of depressed oil prices due to a supply glut on the market, which
has seen prices more than halve since 2014.
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