New Delhi 05 December 2022

As per news report of BBC, 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 told the BBC. 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.

Source - BBC

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