Russia will cut oil production by 500,000 barrels per day, or around 5% of output, in March, Deputy Prime Minister Alexander Novak said on Friday, after the West imposed price caps on Russian oil and oil products.
Oil prices - a key catalyst for Gulf financial markets - jumped more than 2%, recovering from the previous session's loss.
Brent crude futures rose $1.80, or 2.13%, to $86.30 a barrel by 1120 GMT.
Dubai's main index (.DFMGI) gained 0.2%, supported by a strong performance in utilities and banking stocks, with Emirates Central Cooling System Corp (EMPOWER.DU) rising 1.3%, while sharia lender Dubai Islamic Bank (DISB.DU) edged up 0.5%.
However, business park operator Tecom Group (TECOM.DU) declined 3.4% after the firm posted a 28% increase in full year net profit to 725.6 million dirhams ($197.56 million), missing analysts' estimate of 839.5 million dirhams.
Dubai's main index gained this week thanks to improving overall conditions but could see some price corrections if investors move to secure profits, Said Fadi Reyad, chief market analyst at CAPEX.com MENA said.
The index posted a 2.1% weekly gain, according to Refinitiv data.
Abu Dhabi's benchmark index (.FTFADGI) settled 0.2% higher, rebounding from early losses to extend gains to straight 10th session.
The banking sector led the gains with Abu Dhabi Islamic Bank (ADIB.AD) rising 2.2%, while UAE's third-largest lender Abu Dhabi Commercial Bank (ADCB.AD) advanced 0.3%.
However, UAE's largest lender First Abu Dhabi Bank (FAB.AD) dipped 0.3% after it said it was not currently evaluating an offer for Britain's Standard Chartered (STAN.L), the second time it has quashed reports of an imminent bid.
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