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Oil prices extended gains early on Friday as producer cartel OPEC and Russia agreed to rein in a global oversupply in crude on Wednesday with analysts now focusing their attention on implementation of the deal.
"It looks achievable on the face of it, provided the parties to the latest production cut deal stick to their pledges, which has historically been somewhat of a sticking point," ANZ bank said on Friday.
Still, traders said the market was optimistic about Wednesday's historic OPEC-Russia deal to reduce global output and help bring the oil market back into balance.
"This is positive news that will make a sustainable difference to the oil market over the coming months," said Ric Spooner, chief market strategist at CMC Markets adding that it wouldn't be surprising to see this momentum continue.
U.S. West Texas Intermediate (WTI) crude futures were at $51.10 per barrel by 0037 GMT, up 5 cents from their last settlement.
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