Home / Markets / Commodities /  Oil rises after OPEC+ holds oil output targets, China eases COVID curbs
Back

Oil prices inched up in early trade after OPEC+ nations reaffirmed their oil output targets ahead of a European Union ban and price caps on Russian crude, which kick off on Monday.

At the same time, in a positive sign for fuel demand, more Chinese cities eased COVID-19 curbs over the weekend.

Brent crude futures climbed 39 cents, or 0.5%, to $85.96 a barrel at 2309 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.5%, to $80.35 a barrel.

The Organization of the Petroleum Exporting Countries and allies including Russia, together called OPEC+, agreed on Sunday to stick to their October plan to cut output by 2 million barrels per day (bpd) from November through 2023.

Analysts said the OPEC+ decision was expected as major producers wait to see the impact of the EU import ban and Group of Seven (G7) $60-a-barrel price cap on seaborne Russian oil, with Russia threatening to cut supply to any country adhering to the cap.

"Given the unprecedented uncertainties, the OPEC+ watch and wait strategy appears very sound," RBC Capital Markets analysts said in a note.

This story has been published from a wire agency feed without modifications to the text.

Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Catch all the Commodity News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less

Recommended For You

GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout