Crude oil prices soared on Tuesday, with WTI passing the $50 a barrel mark for the first time in a decade, after an OPEC+ agreement on a very slight increase in its oil production in February and March.

The barrel of North Sea Brent for delivery in March gained 4.91% or $2.51 from Monday's close, at $53.60, shortly after reaching $53.76, a price more seen since March 3.

The U.S. barrel of WTI for the month of February climbed 4.85% or $2.31 to $49.93, after temporarily gaining more than 5% and rising to $50.05, a first since February 26.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and their partners agreed on Tuesday to limit more than expected the increase in their production.

The volume voluntarily withdrawn from the market by the OPEC+ alliance will increase from 7.2 million barrels per day (mbd) in January to 7.125 mbd in February and 7.05 mbd in March, the cartel announced after the first ministerial summit of 2021, calling for "caution" in the face of the health crisis.

The objective for the producers' club, whose frequency of appointments has accelerated under the effect of the health crisis, is above all to adjust month by month the supply of black gold, with the aim of supporting crude oil prices.

"A more conservative approach on the part of the group, given the period of uncertainty we are in, is very well received by the markets and should keep prices high," Craig Erlam, an analyst at Oanda, told AFP.