Oil Prices Heading Up Again

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At a glance

  • Oil futures traded higher on Monday, adding to last week’s gain, after a European Union ban on importing Russian seaborne crude and a price cap of $60 a barrel took effect Monday, while OPEC kept its production quotas unchanged at a Sunday meeting.
  • China also began relaxing Covid-19 restrictions, raising hopes its economy might revive and increase energy demand.

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