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[size=36]High oil prices[/size]
Economie| 08:36 - 06/12/2022
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Follow-up - Mawazine News
Oil prices rose on Tuesday, after the Group of Seven entered into force a maximum price of Russian seaborne oil into effect on Monday at the summit of the European Union's ban on Russian crude imports by sea.
Brent crude futures rose 48 cents to $83.16 a barrel by 04:27 GMT. West Texas Intermediate crude rose 50 cents to $77.43 a barrel.
Futures fell more than 3% in the previous session, after US service sector data raised concerns that the Federal Reserve may continue its monetary tightening path.
The G7 price cap comes as the West tries to restrict Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it is forced to cut production.
The G7 countries and Australia last week agreed to a cap of $60 a barrel for Russian oil carried by sea.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, called the OPEC+ community, agreed on Sunday to stick to their October plan to cut output by 2 million barrels per day starting in November.
In China, more cities eased COVID restrictions over the weekend, fueling optimism about increased demand in the world's largest oil importer.End29/M99
Oil prices rose on Tuesday, after the Group of Seven entered into force a maximum price of Russian seaborne oil into effect on Monday at the summit of the European Union's ban on Russian crude imports by sea.
Brent crude futures rose 48 cents to $83.16 a barrel by 04:27 GMT. West Texas Intermediate crude rose 50 cents to $77.43 a barrel.
Futures fell more than 3% in the previous session, after US service sector data raised concerns that the Federal Reserve may continue its monetary tightening path.
The G7 price cap comes as the West tries to restrict Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it is forced to cut production.
The G7 countries and Australia last week agreed to a cap of $60 a barrel for Russian oil carried by sea.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, called the OPEC+ community, agreed on Sunday to stick to their October plan to cut output by 2 million barrels per day starting in November.
In China, more cities eased COVID restrictions over the weekend, fueling optimism about increased demand in the world's largest oil importer.End29/M99
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