The surprise output cut by Saudi Arab and Russia increased crude oil prices by 5 percent.
London-traded Brent, a benchmark for global trade, closed 5percent $2.33 up at 53.64 per barrel. New York-tradedWest Texas Intermediate (WTI), the key indicator for the US crude, closed 3.9 percent or $2.33 at $49.93 per barrel.
Saudi Energy Minister Abdulaziz Bin Salam announced one million barrel per day cur in the output. He said Saudi oil output will be at 8.125 million barrels per day in February and March.
Russian deputy prime minister Alexander Novak agreed to maintain crude oil production at the current level for February. Earlier, Russia has planned to increase oil production
