Oil prices rose by more than 6% on Friday as OPEC members cut their output by record amounts.
US crude settled up $US2.80 at $US46.47 per barrel. London Brent rose $US2.98 to $US48.37 per barrel.
Members of the Organization of Petroleum Exporting Countries agreed in December to reduce production by 2.2 million barrels per day, on top of earlier agreements to cut 2 million bpd.
The cuts are now beginning to take affect.
Prices have dropped more than $US100 since reaching a record $US147.27 per barrel on 11 July last year.
