After a brief respite, oil prices have risen again after the G7 group of nations and its allies agreed to cap the price of Russian oil at £49 ($60) a barrel. The deal, which could take effect from today (Monday) is connected with the West's ramping-up of pressure on Russia over the invasion of Ukraine.
It comes in the wake of Opec+ agreeing to extend its policy of reducing oil production because of the slow-down in growth among global economies and the imposition of higher interest rates. Brent crude was up by more than 1% in morning trade in Asia.
Kang Wu of S&P Global Commodity Insights told the BBC: "This decision by Opec+ to keep the quota where it is. . . is by itself an implicit sort of support to the oil market."
