Crude oil prices jumped by more than 8% on Friday, registering their highest daily gains in two and a half years after data emerged that US exploration companies will limit their activities in the exploration of shale oil.

Brent crude leaped to exceed $53 per barrel, its highest level in more than three weeks.

Meanwhile, long-term Brent crude contracts surged by $3.86 at settlement to $52.99 per barrel after previously reaching $53.08 per barrel during trades.

US crude contracts closed at a $3.71 rise, reaching $48.24 per barrel.