Oil prices climbed around 2 percent on Monday, as OPEC+ decided to stick to its policy of lowering oil production and China announced an easing of COVID-19 curbs.
Benchmark Brent crude futures jumped 1.8 percent to $87.12 a barrel, while WTI crude futures were up 1.8 percent at $81.44.
OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, on Sunday agreed to sustain their output reduction policy in the face of the EU’s ban and price limit on Russian oil shipments.
The oil producers have agreed to stick to their October plan to reduce output by 2 million barrels per day from November, as the G7 price cap of $60 per barrel and the EU import ban on Russian seaborne crude oil and oil products takes effect today.
Prices were also boosted by China reopening hopes as more Chinese cities relaxed some anti-COVID measures and testing mandates over the weekend.