Oil prices bounced on Tuesday post surpassing a 3% slump in the earlier session, as the executions of the sanctions on the Russian oil transported by sea soothed the supply worries and the loosened Covid-19 restrictions boosted the demand expectations.

Brent crude futures inched higher at $83.53 per barrel while WTI advanced at 77.62 per barrel.

The G7 agreed on a price cap on the Russian oil at $60, attempting to hinder Moscow from funding its attacks against Ukraine, while Russia announced that it will not commit with the cap even if it reached a point where it has to trim supplies.

Major cities in China started easing the Covid-19 restrictions, glimmering hopes about the future demands.

The Chinese economy has been massively hurt by the Covid19-zero policy imposed this year.