NEW YORK, Dec 11 (Reuters) - Oil prices soared by more than 5 percent as the session began in Asian trading after OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curb oil output jointly and ease a global glut that lasted more than two years.
Brent LCOc1 futures for February delivery rose $2.81 to $57.14 a barrel, a 5.2 percent gain, by 6:05 p.m. EST (2305 GMT) on Sunday. U.S. crude CLc1 rose $2.57 to $54.07 per barrel, a 5 percent gain.
On Saturday, producers from outside the 13-country Organization of the Petroleum Exporting Countries agreed to reduce output by 558,000 bpd, short of the initial target of 600,000 bpd but still the largest-ever contribution by non-OPEC countries. had previously agreed to slash output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000 bpd.