Oil prices surged almost five percent on Friday as OPEC finalized an agreement for a larger-than-expected production cut with its allies, according to Bloomberg.

Benchmark Brent crude oil LCOc1 rose $3.26 a barrel to a high of $63.32 by 1355 GMT.

The cartel concluded its meeting with an accord to remove 1.2 million barrels a day of crude oil from the market, with non-OPEC countries such as Russia taking a 400,000 barrel-a-day share of the reduction, Bloomberg cited the delegates as saying.