Brent rises above $52 for first time since June after OPEC promised production cut

Brent crude added to its gains in European trade on Thursday, trading above $52 a barrel for the first time since June and climbing for the seventh straight day, after OPEC promised to cut production even more than agreed upon in Algeria if needed.

As of 12:50 GMT, Brent rose to $52.25 a barrel from the opening of $51.70, with an intraday high at $52.34, the best since June 9, and a low at $51.31. 

Brent December futures closed up 0.6% yesterday, the sixth straight daily gain, after U.S. crude stocks fell to the lowest in nine months. 

Algeria's energy minister Nour Aldin Bouterfa said in a T.V. statement that OPEC could decline on a bigger cut than agreed upon in Algeria if needed. 

The minister asserted that OPEC will assess the supply in the market in the official meeting next month and if 700 thousand barrels of production cuts is not enough, it will go deeper. 

Venezuela's oil minister Del Beno said OPEC's members will convene next week to talk about the Algeria meeting, with Russia expected to join in to represent members form outside the organization.