Oil prices reached their highest level since March after major producers agreed to cautious production increases that allayed fears of oversupply.
Brent crude, the international benchmark, rose 1.4 percent to $ 49.39 a barrel. The US marker West Texas Intermediate climbed a similar lead to $ 46.51.
On Thursday evening, Russia and OPEC reached an agreement to increase oil supplies by 500,000 barrels a day from January. This was a quarter of what they had previously agreed.
"The oil price is supported by technical factors such as the delivery agreement and a weaker US dollar," said Monica Defend, head of research at fund manager Amundi.
"Developed markets remain in the grip of the second wave of the pandemic and this is reflected in low demand for travel," she warned.
"We don't expect an oil price of $ 55 until the second half of next year, as [coronavirus] vaccines can become widespread and planes are back in the sky."
A weaker dollar increases the price of crude oil as it is less expensive for holders of other currencies to buy the commodity. However, expectations for a rebound in oil prices after the pandemic vary widely, with Opec seeing bullish consumption while forecasts from oil producers and airlines suggest that demand is coming close.
The dollar index, which measures money against trading partner currencies, fell 0.1 percent on Friday morning, hovering around a two and a half year low.
The London FTSE 100 index, in which oil producers, miners and commodity traders are heavily weighted, achieved the best performance in Europe on Friday morning with an increase of 0.9 percent. The European equity benchmark Stoxx 600 gained 0.3 percent, while the German Xetra Dax traded flat.
The FTSE All-World stock index rose another 0.1 percent on Friday to hit a record high, while the MSCI index for stocks in Asia Pacific rose 0.7 percent to a new record.
It did so following recent signs of progress in talks between US lawmakers on a second stimulus package for the world's largest economy.
Mitch McConnell, the senior Republican in the US Senate, said Thursday that an agreement on a relief plan that Republicans and Democrats have been debating for months was "within reach".
The positive sentiment on the reopening of the economies also raised the price of copper futures traded in New York by 0.9 percent on Friday to $ 3,511 per ton, the highest level since October 2013.
On Wall Street, futures markets signaled that the S&P 500 stock index would open 0.3 percent higher while the Nasdaq 100 would gain 0.4 percent.
It did so before the closely watched US non-farmer salary data in November. Economists polled by Reuters expected the employment numbers to show employers added 469,000 jobs in November, up from 638,000 in October when the second wave of coronavirus hit the US states.
A weaker than expected workforce could cause "some cracks in the economic recovery" in the stock markets, said Emiel van den Heiligenberg, head of asset allocation at Legal & General Investment Management.
However, a much stronger number than forecast could add momentum to the trades predicting a surge in US consumer prices as US Treasuries sell and inflation-linked securities rise.