Brent rose to as much as $103.78 a barrel, WTI jumped $5.48, or 6%, to $97.58 a barrel.

Brent rose 11 cents, or 0.01%, to $96.95 a barrel, WTI were up 6 cents, or 0.07%, to $91.97 a barrel.

Brent was up $3.48, or 3.7%, at $98.87, WTI jumped $4.41, or 4.8%, to $95.48.

"To be clear: these measures are separate from and would be in addition to the swift and severe economic measures we have been preparing in coordination with Allies and partners should Russia further invade Ukraine," Psaki said.

OPEC, along with 10 allies led by Russia, has been gradually easing back production quotas it implemented at the start of the coronavirus pandemic by 400,000 b/d each month, aiming to return to pre-pandemic output levels by late 2022.

Brent slipped to $93.14 a barrel, down 40 cents or 0.4%, after earlier touching $95, WTI dropped 28 cents to $90.79 a barrel.

In the situation that has obtained in recent months on energy markets, it has become clear that one of the foundations of stability of the modern global world is, in the first instance, reliable energy supply, which cannot be provided without observing a reasonable balance of energy sources and an absence of discrimination against traditional sectors of the fuel and energy complex.

"In the current scenario, [the] demand for oil has outpaced production growth as economies slowly rebound from the worst of the pandemic, leaving the market with a small buffer to mitigate an oil supply shock," Singh said.

The partnership between the two countries has led to the joint work on several agreements and Memorandum of Understanding in several areas, including: The Economy, Climate Change and Houbara Conservation, Industries and Advanced Technologies, Low Carbon Hydrogen Developments and Investments, Food Security, Financial Services, and Issuance of India-UAE Joint Stamps.

Brent fell 65 cents, or 0.7%, to $92.32 a barrel, WTI shed 71 cents, or 0.7%, to $91.05 a barrel.

Russia and Brazil already have ties in the nuclear energy field with a memorandum of understanding signed in 2017 by Rosatom and Brazil’s Electrobras and Electonuclear to promote cooperation in nuclear power.

U.S. commercial crude oil inventories increased by 1.1 million barrels from the previous week to 411.5 million barrels.

Brent was down $1.26, or 1.3%, at $93.55 a barrel, WTI was down $1.34, or 1.4%, at $92.32.

U.S. crude oil production will increase to 12.0 million b/d in 2022, up 760,000 b/d from 2021.

Brent traded at $93.90 a barrel, WTI was at $92.71 a barrel.