Investing.com - Oil Thursday extended gains of over 9% Wednesday when OPEC agreed to an output cut for the first time since 2008.
U.S. crude was up 76 cents, or 1.54%, at $50.20 at 08:15 ET, while Brent crude added 1.76% to $52.75.
OPEC agreed to cut output by 1.2 million barrels a day to 32.5 million barrels after Iran sealed a deal to hold its production at pre-sanctions levels.
The cartel has invited non-OPEC producers to join the accord with cuts of around 600,000 barrels a day.
Russia has indicated its willingness to assume about half of that burden.
The future for oil prices now depends on compliance with the agreed cuts, which take affect from the start of next year.
If producers toe the line on the curbs some observers see a potential move toward $60 a barrel.
However, other players expect North American shale activity to pick up if U.S. crude hits $55 a barrel.
That would offset the potential inroads the OPEC cut makes in the global supply glut.
The number of rigs operating in the U.S. has increased of late as production costs fall.