This fluctuation had resulted in the rise of 2.5 percent in the stock price of the crude oil in the commodity market.
Crude oil prices surged almost 2.5% to their highest level in two weeks after the world's two biggest producers agreed in principle to extend a deal on output restraint through March of next year.
They recommended that the next round of reductions should be on the same terms as the first deal, when producer nations agreed to cut nearly 1.8m barrels a day for the first six months of 2017.
Crude prices hit a three-week high above $52 a barrel today, after top producers Saudi Arabia and Russian Federation agreed to extend output cuts for a further nine months, until March 2018, opening the possibility of extending an OPEC-led deal to support prices further than expected.
Venezuela is undergoing a wave of unrest with protesters angry at an economy in crisis, with food and medicine shortages and soaring inflation.
The EIA (U.S. Energy Information Administration) estimates that Iraq's crude oil production fell by 5,000 bpd (barrels per day) to 4.4 MMbpd (million barrels per day) in April 2017-compared to March 2017.
Russian Federation and Saudi Arabia said that they will propose to extend the agreement on limiting the extraction of black gold till March of 2018.
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In its monthly oil market report, the Paris-based group noted Libya has raised oil production to 800,000 barrels a day, the highest point in three years, according to its preliminary data.
Extending the curbs at already agreed-upon volumes is needed to reach the goal of reducing global inventories to the five-year average, the energy ministers of the world's biggest oil producers said in a joint press conference in Beijing.
Non-OPEC member Kazakhstan said on Monday it would struggle to join any new deal on the old terms, as its own output was set to jump.
Goldman's Jeff Currie says talk that OPEC could start defending its market share again to squeeze USA producers is the wrong way to look at the situation: "Shale and OPEC are taking on the global oil [producers] that are sitting at the top [of the cost curve]".
However, last year Saudi officials agreed to the first cut in production for eight years.
Ministers from OPEC and the non-OPEC countries meet to decide policy on May 25 in Vienna, and OPEC has also invited two small producers not involved in the original deal, Egypt and Turkmenistan, to attend.
"We believe the industry is more focused on robust activity at stable oil prices, rather than very high oil prices at this juncture, which is not sustainable over the long run", said its analyst Mabel Tan.