Brent rose $2.17, or 2.57%, to $86.67 a barrel, WTI were up $2.01, or 2.57%, at $80.07.

Moscow’s move deepens the 2 million barrel-a-day production cut announced late last year by OPEC+, which Russia leads along with Saudi Arabia.

Brent rose 99 cents, or 1.2%, to $84.68 a barrel, WTI climbed 93 cents, or 1.2%, to $78.07.

Brent rose 32 cents, or 0.4%, to $80.26 a barrel, WTI climbed 22 cents, or 0.3% higher, to $73.61.

OPEC+ is a 23-country bloc of oil producing countries co-chaired by Saudi Arabia and Russia. It agreed in October to slash quotas by 2 million b/d from November until the end of 2023.

Ukraine, whose largest nuclear power plant, Zaporizhzhia, has been under Russian military control since early March 2022, has been calling for the sanctions to include the nuclear energy sector.

Brent fell 34 cents, or 0.4%, to $81.83 a barrel, WTI slid 37 cents, or 0.5%, to $75.51.

Total Russian pipeline exports to Europe in January via the two remaining major supply routes were 36% down on deliveries in December and 79% lower year on year.

Brent gained 8 cents, or 0.1%, to $85.54 a barrel, WTI rose 20 cents, or 0.2%, to $79.07 a barrel.

"National consultations have clearly shown that the Hungarians do not want sanctions, because they will not help Ukraine, they will not bring Russia to its knees and will only cause terrible damage to Europe and Hungary," Orban stressed. He believes the results of the national consultations will be a significant help in his discussions with the leadership of the EU and other countries.