Although Asian stock markets advanced as easing inflation data fuelled hopes that central banks could be nearing the end of their interest rate hiking cycle, European stocks ended mostly lower.

Oil prices, labour costs, and other costs associated with the supply chain are factored into the cost of ticket prices.

Oil producers are grappling with falling prices and high market volatility amid the Russian invasion of Ukraine, which has upended economies worldwide.

Opec+ pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.

Crude futures surged almost 8% at one stage.

Russia is part of a 23-nation alliance with the Opec crude cartel that already agreed in October to reduce output by two million barrels per day until the end of this year.

Analysts point to the mild European winter and a pick-up in the dollar that makes crude more expensive for holders of other currencies.

The decree will be in effect from Feb 1 until July 1.

Annuar Musa says the recommendation on price reductions is expected to be implemented soon.

Traders are growing increasingly worried that demand for the commodity will take a hit from a possible recession caused by a sharp hike in interest rates aimed at reining in inflation.

Fuel use has rebounded from the 2020 pandemic-induced slump but high prices have eaten into growth projections for 2022 and fed into expectations for slower growth in 2023.

Both Brent and West Texas Intermediate gained more than 7% to climb above US$110 a barrel.