Crude oil futures rallied on Tuesday and surged to the highest level in six months, as OPEC vowed to re-balance oil markets even if it takes supply quotas through 2018. Traders cheered Saudi Arabia’s pledge to lower crude exports and OPEC’s commitment to boost compliance with output cuts to curb excess supplies. The Saudi energy minster added that the production-cut agreement could be extended beyond March if necessary but any further extension would rely on non-compliant nations adhering to the agreement. Meanwhile, OPEC said that inventories in the developed world were still 250 million barrels above the five-year average, but that’s 90 million fewer than the second half of last year.

Benchmark crude oil futures for August delivery surged by $0.61 or 3.3 percent to $47.89 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended higher by 2.92 percent at $50.02 a barrel on the ICE.

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