Oil prices jumped 2% on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude.
At the same time, in a positive sign for fuel demand, more Chinese cities eased COVID-19 curbs over the weekend.
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. "The decision reflects the unpredictability of supply and demand in coming months," ANZ Research analysts said in a client note.
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