Oil prices inched up in early trade after OPEC+ nations reaffirmed their oil output targets ahead of a European Union ban and price caps on Russian crude, which kick off on Monday.
At the same time, in a positive sign for fuel demand, more Chinese cities eased COVID-19 curbs over the weekend.
Brent crude futures climbed 39 cents, or 0.5%, to $85.96 a barrel at 2309 GMT, while U.S. West Texas Intermediate crude futures rose 37 cents, or 0.5%, to $80.35 a barrel. The Organization of the Petroleum Exporting Countries and allies including Russia, together called OPEC+,on Sunday to stick to their October plan to cut output by 2 million barrels per day from November through 2023.
Analysts said the OPEC+ decision was expected as major producers wait to see the impact of the EU import ban and Group of Seven $60-a-barrel price cap on seaborne Russian oil, with Russia threatening to cut supply to any country adhering to the cap. "Given the unprecedented uncertainties, the OPEC+ watch and wait strategy appears very sound," RBC Capital Markets analysts said in a note.
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