Oil prices firmed on Feb. 23 after Brent crude posted its biggest one-day loss for seven weeks in the previous session, with gains on Russian supply curbs capped by an expected rise in U.S. inventories.

Brent crude futures rose 63 cents, or 0.8%, to $81.23/bbl by 1350 GMT, compared with about $98/bbl on the eve of Russia's invasion of Ukraine a year ago.

WTI crude futures advanced 75 cents, or 1%, to $74.70 after six sessions of losses.

Lending some support to prices, Russia plans to cut oil exports from its western ports by up to 25% in March, exceeding its announced production cuts of 500,000 bbl/d.

Both oil benchmarks lost more than $2 in the previous session on expectations of further increases to interest rates.

Minutes from the latest U.S. Federal Reserve meeting on Feb. 22 showed that a majority of Fed officials agreed that the risks of high inflation warranted further rate hikes.

The policymakers also suggested that a shift to smaller increases would let them calibrate more closely with incoming data.

The dollar, meanwhile, has strengthened against a basket of other currencies in recent weeks, making oil more expensive for holders of other currencies.

Oil price gains were also kept in check by signs of further crude inventory builds.

U.S. crude oil and fuel inventories rose by 9.9 MMbbl last week, according to market sources citing API figures.

U.S. oil inventories have climbed every week since mid-December, stoking worries about demand.

A Reuters poll had forecast a 2.1 MMbbl increase in crude stockpiles last week. Official data from the U.S. Energy Information Administration is due later on Feb. 23.

While a stronger dollar remains a near-term headwind for crude, we expect lower Russian production and China's reopening to tighten the oil market and support prices, UBS analysts said.