The agreement of the OPEC member states on oil production freeze will come into effect after an official organization's summit in Vienna in November, a source in Algerian delegation said.
OPEC will agree to production levels for each member country at its November 30 meeting in Vienna, group officials said. After reaching its group target, it will seek support from non-member oil producers to further ease the global glut.
Brent crude oil settled up $2.72, or 5.9%, at $48.69 a barrel, hitting a more than two-week high of $48.96. WTI crude oil rose by $2.38, or 5.3%, to settle at $47.05, after a peak $47.45, its highest since Sept 8.
