Oil prices rose $3 today amid expectations that the OPEC + group may agree to a significant reduction in crude production when it meets this week, supported by rising demand and looming sanctions on the Russian oil sector.
Brent crude futures rose $3.3, or 3.3 percent, to $91.8 a barrel, after gaining more than 4 percent on Monday.
US crude futures also rose $3, or 3.2 percent, to $86.4 a barrel.
According to “Archyde.com”, a senior US Treasury official said that the G7 sanctions against Russia will be implemented in three phases, the first targeting Russian oil, then diesel, and then low-value products.
The G7 and European Union sanctions, which will be in two phases, are scheduled to start on the fifth of December.
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