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Oil prices rise after OPEC+ keeps output cut targets, China eases COVID curbs.
Oil prices edged up on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude.
At the same time, in a positive sign for fuel demand, more Chinese cities eased COVID-19 curbs over the weekend, though the partial easing in policies sowed confusion across the country on Monday.
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 49 cents, or 0.6%, to $86.06 a barrel at 0700 GMT, while WTI crude futures gained 51 cents, or 0.6%, to $80.49 a barrel.
