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Oil prices closed higher on Thursday as the major oil producers said they were willing to join the extended production cuts to reduce the current global oversupply.

Brent crudes closed up $ 0.30, or 0.5%, to $ 52.51 a barrel; US crude oil closed up $ 0.28, to $ 49.35 a barrel, the highest since April 26 closing price.

Market watchers have become increasingly confident that the OPEC and the other oil-producing countries, including Russia, will extend the yielding agreement until March 2018.

Russia's largest oil company Russian oil chief executive Xie Qin told reporters in Berlin, will honor the OPEC agreement.

Algeria, an oil producer in Africa, played an important role in supporting OPEC production agreements last year. The country said that most of the participating countries supported the extension of the agreement for nine months.

"Most countries support Russia and Saudi Arabia's proposal," Algerian energy minister Nouredine Bouterfa told the Russian energy ministers after meeting in Moscow.

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