The rise in energy costs has contributed to rampant inflation, stoking investor concerns that growth will slow.
Global financial markets have been rattled by concerns over interest rate hikes and wider lockdowns in China.
Global benchmark futures settled at $112.39 per barrel while US West Texas Intermediate climbed to $109.77 a barrel.
The oil cartel has struggled for months to revive oil supplies halted during the coronavirus pandemic.
Both Brent and US crude benchmarks settled down around 13 percent.
Barrels will come from US’s strategic petroleum reserve, as Russian invasion of Ukraine has sent prices skyrocketing.
The Organization of the Petroleum Exporting Countries and its allies refused to deviate from gradual output hikes.
The global economy could be facing one of the largest energy supply shocks ever, oil experts warn.
The shutdown comes against a backdrop of soaring oil prices following Russia’s invasion of Ukraine.
The International Energy Agency agreed to deploy 60 million barrels from stockpiles around the world.
West Texas Intermediate traded near $94 a barrel and Brent climbed near $96 on Monday.
The Organization of the Petroleum Exporting Countries and allies has faced calls from the US and India to pump more oil.
Oil prices soared to a 7-year high above $90 a barrel last month, stirring expectations of a return to triple digits.
Global benchmark Brent approached $91 a barrel while West Texas Intermediate traded near $88.
