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.

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

JMMC reaffirmed their commitment to the DoC which extends to the end of 2023 as agreed in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022,

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

Further development of bilateral cooperation in the political, trade, economic and energy sectors, as well as cooperation within the OPEC Plus group to provide the stability of global oil market were discussed.

Brent fell 74 cents, or 0.8%, to $85.92 a barrel , WTI was at $79.07 a barrel, down 61 cents, or 0.8%.

Start of a new week at the months end has been very rangebound in terms of the price action on the Oil tabs. Previous week has been swings on the #BRENT & #WTI with an average of 3%(+/-) on the Bearish bias majorly as we approach the Globex Open.Asia session will shed light on the weekly movement.