Oil rises after OPEC+ holds oil output targets, China eases COVID curbs

Oil prices inched up in early trade after OPEC+ nations reaffirmed their oil output targets ahead of a European Union ban and price caps on Russian crude, which kick off on Monday, Reuters reported.
At the same time, in a positive sign for fuel demand, more Chinese cities eased COVID-19 curbs over the weekend.
Brent crude LCOc1 futures climbed 39 cents, or 0.5%, to $85.96 a barrel at 2309 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 37 cents, or 0.5%, to $80.35 a barrel.
The Organization of the Petroleum Exporting Countries and allies including Russia, together called OPEC+, agreed on Sunday to stick to their October plan to cut output by 2 million barrels per day (bpd) from November through 2023.