Brent jumps above $49 to three-week height

Brent crude reversed higher in American trade, adding to its wide gains yesterday and moving above $49 to a three-week high as markets welcome the first OPEC deal to cut production since 2008. 

As of 15:40 GMT, Brent rose to $49.43 a barrel from the opening price of $48.80, with an intraday high at $49.45, the best since September 9, and a low at $47.97. 

Brent November futures closed up 5.8% yesterday, the largest daily since February 3, after OPEC agreed to a production deal for the first time in eight years. 

OPEC's members agreed to cut production by 700,000 to 800,000 barrels to 32.5 million barrels a day, while forming a special committee to specify the particular cuts for every country, with the final details due on the organization's official meeting on November 30. 

OPEC aims to rebalancing the oil markets and prices with this deal if agreed upon next November, so it tightens the gap between supply and demand.