Oil prices rise after OPEC+ keeps output steady, Russian price cap imposed

Oil prices rose on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a G7 price cap which kicked in on Russian crude.

At the same time, in a positive sign for fuel demand in the world’s top oil importer, more Chinese cities eased COVID-19 curbs over the weekend.

While prices rose as much as 2% earlier in the day, both the Brent and U.S. West Texas Intermediate (WTI) contracts have since pared some gains.

Brent crude futures were last up $1.51, or 1.8%, to $87.08 a barrel at 0945 GMT, while WTI crude futures gained $1.40, also 1.8%, to $81.38 a barrel.