On Monday morning, the price of brent crude rose by around 0.6% or over $86 per barrel.
This comes after G7’s plans to cap the price of Russian oil at $60 per barrel in an attempt to put additional pressure on Russia over the country’s invasion of Ukraine.
Meanwhile, oil producers’ group Opex+ said it plans to stick to its policy of reducing output.
Opex+ is an organisation of 23 countries which has regular meetings to decide how much crude oil they can sell to the world market.
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.
Analysts said that the group’s decision shows support to the oil market.