Crude oil prices rose Friday, extending gains from the previous session on hopes that OPEC's recent deal with Russia will end a global supply glut.

Reports say Saudi Arabia is cutting some oil deliveries to the U.S. and Europe starting next month, as OPEC's planned quotas kick in, says rttnews.

OPEC is trying to bring the oil market into balance as early as possible next year. Petro-states like Saudi Arabia, Russia and Venezuela have been struggling to cope with the impact of low oil prices.

WTI light sweet crude oil for January was up 47 cents at $51.32 an ounce.

A drop in U.S. crude oil inventories last week has contributed to oil's rally.

This morning, the New York futures for Brent rose 0.71% to $ 54.27 and WTI rose 1.08% to $ 51.39 per barrel. Thus, the black gold is traded in the green zone on a weakening US dollar. Furthermore, support for prices had a reduction of oil reserves in the United States. According to the US Energy Information Administration (EIA), last week the commercial oil reserves in the country decreased by 2.4 million barrels, exceeding the forecast. At the same time it was recorded a significant increase in strategic stocks in Cushing.

(raw materials / closing price /% change)

Oil 50.96 +0.24%

Gold 1,172.4 00.00%