Brent crude futures rose $2.17 to $86.67 a barrel by 0900 GMT, while U.S. West Texas Intermediate crude futures were up $2.01 at $80.07
Oil prices jumped more than 2 per cent on Friday, heading for weekly gains, as Russia announced plans to reduce oil production next month after the West imposed price caps on the country’s oil and oil products.
“The Russian economy is fraying in the face of Western sanctions,” PVM analyst Stephen Brennock said. The announcement marked a turnaround for bearish sentiment that characterised trade on Thursday and Friday morning against a backdrop of recession fears in the United States and weak demand data from China.
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