Oil prices rises Tuesday after the G7 price cap for Russian sea oil took effect on Monday, in addition to the European Union's ban on seaborne imports of Russian crude.

Brent crude futures were up 66 cents to $83.34 a barrel by 0108 GMT. West Texas Intermediate Crude (WTI) rose 70 cents to $77.63 a barrel.

Futures fell more than 3% in the previous session after data from the US services sector raised concerns that the Federal Reserve may continue its aggressive stance on tightening monetary policy. .

G7 price cap set as West seeks to limit Moscow's ability to fund war in Ukraine, Russia will not comply with measures even if it has to cut production said. The price caps enforced by the G7, the European Union and Australia are in addition to the EU's ban on imports of Russian crude oil by sea and similar commitments by the US, Canada, Japan and the UK.

Meanwhile, the Organization of the Petroleum Exporting Countries and allies, including Russia, agreed on Sunday to stick to his October plan to cut production by 2 million barrels per day (bpd) from November.

Last week, the G7 (G7) countries and Australia agreed to cap the price of Russian oil at sea at $60 a barrel.

In China, more cities eased COVID restraints over the weekend, sparking optimism about rising demand in China, the world's largest oil importer.

Business and manufacturing activity in China, the world's second-largest economy, has been hit hard this year by draconian measures to contain the spread of the coronavirus.

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