The jump in price comes hours after Saudi Arabia and other major oil producers announced surprise cuts totalling 1.15 million barrels per day from May until the end of the year.
Russia's top crude producer Rosneft announces a deal to ramp up oil sales to India, as Moscow seeks new buyers in the wake of tensions with the West over the Ukraine conflict.
The Willow Project in Alaska has become a contentious issue, with supporters seeing it as an opportunity to boost the local economy and reduce dependence on foreign oil, while opponents are concerned about the environmental and health implications.
Illegal refineries are a lucrative business in Nigeria, one of Africa's top oil producers.
The price cap aims to keep Russian diesel in the global market while cutting into Moscow’s income, thus slashing indirect support to the Kremlin's war chest.
Minister of Energy and Natural Resources Fatih Donmez says agreement will be valid for 10 years and can be extended if the conditions are favourable.
Gold prices also have beaten higher before US inflation data that could affect Fed's policy.
Ankara aims to increase its daily production to 100,000 barrels in the centennial of the Republic of Türkiye, Turkish President Erdogan says.
The Group of Seven price cap comes as the West tries to limit Moscow's ability to finance its war in Ukraine.
The milestone summit is set to involve face-to-face exchanges between Chinese and Arab leaders with the possibility of attendance by President Xi Jinping.
Oil prices have dropped by around $1 a barrel as Covid19 weakens demand from China, and the US dollar rebounds.
Nicolas Maduro is being increasingly wooed by European countries which are facing a massive energy crisis following the Russian offensive in Ukraine.
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