Mubasher: OPEC has reached an agreement on Wednesday to cut its oil output for the first time since 2008.

The cartel agreed to reduce output to around 32.5 to 33 million barrels a day, Algeria Press Service quoted an official from the Algerian delegation as saying.

As a result, the US oil rose 5.3% to reach $2.38 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude fell to $47.05 a barrel at close.

Brent went up 5.9% to $2.72 a barrel, while Brent crude, the international standard, grew to close at $48.69 a barrel in London.