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Oil prices rise today after price cap on Russian crude, OPEC+ meeting

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Oil prices edged higher on Tuesday, after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea.
Brent crude futures had risen 66 cents to $83.34 a barrel by 0108 GMT. West Texas Intermediate crude (WTI) rose 70 cents to $77.63 a barrel.
Futures fell more than 3% in the previous session, after U.S. service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path.
The Group of Seven price cap comes as the West tries to limit Moscow’s ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production.

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