Oil Prices Rise After OPEC+ Keeps Output Steady, Russian Price Cap Imposed

Oil Prices Rise After OPEC+ Keeps Output Steady, Russian Price Cap Imposed
An aerial view shows the Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on Aug. 12, 2022. Tatiana Meel/Reuters
Reuters
Updated:

LONDON—Oil prices rose on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a G7 price cap which kicked in on Russian crude.

At the same time, in a positive sign for fuel demand in the world’s top oil importer, more Chinese cities eased COVID-19 curbs over the weekend.