Oil prices have risen after major producers agreed to continue to cut output and the G7 and its allies agreed to 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.

“This decision by OPEC to keep the quota where it is is by itself an implicit sort of support to the oil market,” Kang Wu of S&P Global Commodity Insights said.

Analysts said oil prices had also been boosted by the easing of Covid restrictions in some Chinese cities, which could lead to an increase in demand for oil.

More cities in China, including Urumqi in the North-West, have said they will loosen curbs after mass protests against the country’s zero-Covid policy.

BBC/ Radio Nigeria

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