Oil Jumps as China Loosens Curbs and OPEC+ Keeps Output Steady

To further punish Moscow for the invasion of Ukraine, the European Union, in tandem with the Group of Seven, agreed to impose a cap at $60 a barrel on Russian crude, while banning most seaborne imports from Monday. Photo: Bloomberg

(Bloomberg) — Oil advanced after China made further progress toward reopening, OPEC+ kept output steady, and sanctions on Russian crude kicked in.

West Texas Intermediate rose toward $81 a barrel, building on last week’s near 5% gain, as key urban centers including Shanghai announced further easing of Covid restrictions at the weekend. The Organization of Petroleum Exporting Countries and allies including Russia agreed to maintain production at current levels on Sunday, pausing to take stock of the global market.