Oil prices rise after price cap on Russian crude, Opec+ meeting

Oil prices edged higher on Tuesday, after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea.

Brent crude futures had risen 66 cents to $83.34 a barrel by 0108 GMT. West Texas Intermediate crude (WTI) rose 70 cents to $77.63 a barrel.

Futures fell more than 3% in the previous session, after US service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path.