Early on Friday, WTI crude oil has steadied after trading bullish, soaring to a near two-month high over optimism after the OPEC announced deeper curbs in crude production in early 2020. At the time of writing, WTI crude oil is trading around $58.22 per barrel.

Oil traders eagerly awaited updates from the OPEC meeting which started in Vienna on Thursday, and the leading oil producers didn’t disappoint. As was widely expected, the group and its allies have confirmed that they will enforce an additional supply cut of 500k bpd, to add to the existing 1.2 million bpd cuts already underway, with tighter compliance and adjustments.

Russian Energy Minister Alexander Novak stated that the decision was recommended by ministers from both OPEC and non-OPEC allies led by Russia. More details on these new production cuts will be finalized as meetings continue into the second day later today.

WTI crude oil prices also received support from the upcoming IPO for Saudi Aramco, after the world’s largest oil company confirmed that the pricing of the shares has been fixed at the top of the pre-decided range. The world’s biggest IPO sale has helped raise around $25.6 billion for Aramco, with an overall market valuation at around $1.7 trillion.