Oil tanks stand at night in Tuapse, Russia, at the RN-Tuapsinsky refinery operated by Rosneft Oil Co.

Andrei Rudakov | Bloomberg | Getty Images

Oil prices rose on Monday after OPEC+ nations held steady on production targets ahead of a European Union ban and G7 price cap that came into effect on Russian crude.

At the same time, more Chinese cities eased Covid-19 restrictions over the weekend, boding well for fuel demand from the world’s largest oil importer.

While prices have increased by as much as 2% before…

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