Oil rallied on Monday as OPEC+ maintained its aim to trim their output before the EU embargo become effective and the price cap on the Russian oil as well.

There are also bolstered hopes about the future fuel demand, as many cities in China started to loosen Covid-19 restrictions during the last week end.

Brent crude futures rose by 0.6% at $86.06 per barrel while WTI crude futures advanced by 0.6% at 80.49 per barrel.

OPEC+ consented yesterday to hold to their output strategy proposed in October to trim 2 million barrels per day starting from November and to be extended to the upcoming year.

Big producers are currently awaiting the effect of the EU embargo and the G7 price cap set at $60 per barrel on the Russian oil, where Russia warned to trim the supply to any country willing to stick to the price cap.

The earlier imposed strict zero tolerance measures had a negative impact on China’s economy during this year and hurt the fuel demand.