Ratings agency Fitch cheered the OPEC deal but at the same time warned that it may not cause a major lift to oil prices. The agency said that prices are unlikely to move much higher than they are now, expecting them to “flatline” next year.

OPEC's agreement to cut production by 1.2 million barrels of oil per day, and the potential agreement to cut with non-OPEC countries is likely to result in a much quicker market re-balancing, said Fitch Ratings.

It however noted that implementation risks remain, including OPEC's adherence to the agreement and the willingness of other participants, notably Russia, to co-operate fully.

These issues along with US oil production dynamics will be key drivers of the oil price direction in the medium term. Fitch is expecting Brent prices to average US$ 45 per barrel in 2017, which is just $1 above the 2016 average.

FxWirePro's Hourly USD Spot Index was at -30.4964 (Neutral) at 1245 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex