Oil prices have risen by more than 1% following a commitment from OPEC to cut production. 

However, prices continued to hover around $7 below from last month as a result of doubts over feasibility of OPEC's plan.

Brent crude LCOc1 grew 62 cents to touch at $46.20 a barrel, while US West Texas Intermediate (WTI) crude CLc1 increased 75 cents to reach at $44.82 per barrel.

Organization of the Petroleum Exporting Countries secretary-general Mohammed Barkindo was quoted by Reuters as saying that the group is committed to reduce production as part of a deal that was made in Algiers in September.

"All OPEC 14 members remain committed to the implementation."

Barkindo said: "We as OPEC, we remain committed to the Algiers accord that we put together. All OPEC 14 (members), we remain committed to the implementation."

Several analysts have doubts if OPEC will be able to coordinate a reduction in production.

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PVM Oil Associates managing director David Hufton was quoted by the news agency as saying: "Market belief that OPEC can reach a credible deal has collapsed and prices are now $8 a barrel off the post-Algiers highs."

Doubts have appeared from a row between Saudi Arabia and Iran due to output, in addition to Iraq seeking exemption from cuts.

There are indications that the output may increase in future in the US as the number of drilling rigs for new oil grew by nine to 450 in the week up to 4 November.