Categories: Business

Oil Updates — Crude up after price cap on Russian oil; Venezuela’s oil exports recover in November


Tue, 2022-12-06 09:50

RIYADH: Oil prices edged higher on Tuesday after the Group of Seven nations imposed a price cap on Russian seaborne oil on Monday on top of an EU embargo on its crude imports. 

Brent crude futures had risen 38 cents to $83.06 a barrel at 08.10 a.m. Saudi Arabia Standard Time. West Texas Intermediate crude rose 36 cents to $77.29 a barrel. 

Futures fell more than 3 percent in the previous session after US service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path. 

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