Though last month’s agreement was only provisional, it was enough to boost prices by about 10 percent. Benchmark crude hit a one-year high on October 10 suggesting OPEC succeeded in putting a short-term floor in the market, said Johannes Benigni of JBC Energy. Downside pressure “is limited by OPEC’s renewed intention to manage the market price” despite ‘massive’ volumes of oil in storage, he said. 

CNBC