It should be noted that the high flying bulls on the Oil Market may be sublime in the long-run perspective of things as demand is drawing down inventories globally and refinery margins have come off.

Brent edged up 47 cents or 0.5% to $86.71 per barrel, WTI climbed 43 cents or 0.5% to $83.24 per barrel.

The agenda includes a logistics supply agreement to bolster cooperation between the two militaries, restarting discussions on the joint development of a fifth generation fighter aircraft, and collaboration on nuclear power, the people said.

Following the summit meeting, President Putin said that “a promising area for expanding bilateral cooperation is nuclear energy”.

Brent rose 40 cents, or 0.5%, to $85.41 a barrel, WTI gained 43 cents, or 0.5%, to $81.26 per barrel.

Russia was able to divert oil exports away from Europe to India and China, securing the much-needed financial flows for its budget, which is in deficit as Moscow spends heavily on defence and security.

That boosted Russia's share in the world's third largest importer and consumer to nearly 41% last month, the data showed.

In the leaders' statements to the media after the summit, President Putin said that "a promising area for expanding bilateral cooperation is nuclear energy", while Vietnamese President To Lam said "we also agreed to explore opportunities for stepping up our cooperation on new energy sources and clean energy, as well as facilitate the green transition and sustainable development".

There is increasing market acceptance of Russian SMRs, despite Western geopolitical pressures. Numerous countries in Central Asia, including Uzbekistan, which agreed an SMR investment with Rosatom, using a RITM200 reactor commissioned to build it by 2026.

Brent slid 40 cents, or 0.5%, to $84.84 a barrel, WTI were at $80.34 a barrel, down 39 cents, or 0.5%.