Oil prices rose more than 2%, with weekly gains of more than 8%, as Russia announced plans to cut oil production next month after the West imposed a ceiling on crude oil and fuel prices from the country.

Brent crude futures ended their trading at a high of $1.89, equivalent to 2.2%, to $86.39 a barrel, while US West Texas Intermediate crude futures rose $1.66, or 2.1%, to $79.72. Brent achieved a weekly gain of 8.1%, while the US rose 8.6%.

Russian Deputy Prime Minister Alexander Novak said that his country intends to reduce its production in March by 500,000 barrels per day, while energy expert Rebecca Babin said, “Analysts’ estimates are already dependent on the decrease in Russian production by between 700,000 and 900,000 barrels in 2023. However, the key to the exit of oil from its current trading range is a recovery in Chinese demand”.