Oil prices surged on Monday triggered by spiked supply worries, but they continued to trade at or near the lowest level in 3 weeks as a result of concerns that the demand may be hampered by weaker growth in key nations

Brent crude futures edged up 0.6% at $80.40 per barrel while West Texas Intermediate (WTI) crude futures added 0.3% to $73.59.

Oil prices continue to be driven by expectations for China's recovery following the removal of COVID-19 limitations, despite recession fears dominating the market last week.

China is expected to account for half of this year's increase in global oil demand, according to the International Energy Agency (IEA), whose chairman also noted that the demand for aviation fuel was rising.

However, markets were still affected by supply worries because operations at Turkey's oil terminal in Ceyhan were suspended after a significant earthquake occurred close on Monday.

G7 also agreed to price limits of $100 per barrel on diesel and other products that trade at a premium to crude and $45 per barrel for products that trade at a discount, such as fuel oil, and these price caps on Russian products went into effect on Sunday.