Oil prices rise as cap on price of Russian oil

Oil prices have risen after major producers agreed to continue to cut output and the G7 and allies said they will cap the price of Russian oil. 

Brent crude rose about 0.6 per cent to above $86 a barrel on Monday morning. 

Last week the G7 agreed to cap Russian oil at $60 a barrel to add pressure on Russia following the invasion of Ukraine. 

Meanwhile, oil producers’ group Opec+ said at the weekend it would stick to its policy of reducing output.