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Crude oil futures rose Friday morning after OPEC agreed to extend its supply quota plan with Russia through 2018.
In an effort to finally re-balance oil markets that are experiencing a glut of supplies due in part to robust U.S. shale production, OPEC has coerced all cartel members including Libya and Nigeria into capping production.
WTI light sweet crude oil was up 46 cents at $57.87 a barrel.
Traders will be paying attention when Baker Hughes releases its U.S. rig count this afternoon. Analysts say that the unintended consequence of OPEC's output cuts will be to spur further production from North America.
