Oil jumps 13 percent as OPEC finalizes output cut deal

Oil prices shot up 13%, smashing trading volume records, after OPEC and Russia cut a deal to reduce output to drain a global supply glut, The Edge Markets reported Thursday.

The Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday its first oil output reduction since 2008, after de-facto leader Saudi Arabia accepted "a big hit" and dropped a demand that arch-rival Iran also slash output. 

The deal also included the group's first coordinated action with non-OPEC member Russia in 15 years.

Following the announcements, the price for Brent crude futures, the international benchmark for oil prices, jumped 13% from below US$50 on Wednesday to US$52.54 per barrel at 06:00 GMT.

U.S. West Texas Intermediate (WTI) crude futures also rose back above US$50, trading at US$50.11 a barrel at 06:00 GMT.