Russian oil exports: G7 sanctions take effect

Oil prices are up today as the Group of Seven's $60 cap takes effect. Meanwhile, oil producers' group Opec+ said at the weekend it would stick to its policy of reducing output. Also weighing on oil prices is China's signal of a broader relaxation of Covid restrictions. This follows a small protest in the country on Sunday by students. They are calling for a more transparent process in the formulation of pandemic rules.