"The surprise cut that they have done recently is a really brilliant move that led to stabilization of the market joined by other OPEC members at the most critical time," Dmitriev, who has been leading Russia's diplomacy in Saudi Arabia alongside Deputy Prime Minister Alexander Novak, said at the Saudi Future Investment Initiative conference.

U.S. commercial crude oil inventories decreased by 9.9 million barrels to 476.7 million barrels.

The pan-European STOXX 600 fell 1.9%, turning negative for the year

Brent climbed 51 cents, or 0.9%, to $56.42 a barrel. WTI rose 41 cents, or 0.8%, to $53.02.

European share indexes opened in the red. The STOXX 600 was down around 0.3% on the day

Brent was down 28 cents, or 0.5%, at $55.60. WTI fell 26 cents, or 0.5%, to $52.51.

Brent rose 34 cents, or 0.6%, to $55.75 a barrel. WTI was up 37 cents, or 0.7%, at $52.64.

U.S. commercial crude oil inventories increased by 4.4 million barrels to 486.6 million barrels.

The pan-European STOXX 600 index rose 0.2%.

U.S. Rig Count is up 5 from last week to 378, Canada Rig Count is up 11 from last week to 172.

Brent fell 58 cents, or 1.03%, to $55.52 a barrel. WTI dropped 65 cents, or 1.2%, to $52.48 a barrel.

The price of Brent crude oil to increase from its December 2020 average of $50 per barrel (b) to an average of $56/b in the first quarter of 2021. The Brent price is then expected to average between $51/b and $54/b on a quarterly basis through 2022.

The annual natural gas spot price at the Henry Hub will rise 98¢ per million British thermal units (MMBtu) to average $3.01/MMBtu in 2021.

Brent fell 47 cents, or 0.8%, to $55.61 a barrel. WTI fell 43 cents, or 0.8%, to $52.88 a barrel.

The blue-chip CSI300 index rose 1.6% to 5,564.97, while the Shanghai Composite Index added 1.1% to 3,621.26.