Thursday, 2 February, 2023

Ukraine war: Oil prices rise as cap on Russian crude looms

Oil prices have risen after major producers agreed to continue to cut output and the G7 and its allies said they will cap the price of Russian oil.

Brent crude rose by about 0.6% to above $86 a barrel on Monday morning.

On Friday, the G7 agreed to cap the price of Russian oil at $60 a barrel to raise pressure on Russia over the invasion of Ukraine.

Meanwhile, oil producers' group Opec+ said at the weekend it would stick to its policy of reducing output.

Opec+ is a group of 23 oil-exporting countries, including Russia, which meets regularly to decide how much crude oil to sell on the world market.