Oil prices are on the rise again Tuesday morning after a 3% dive in the latest trading session. The development has reversed following the introduction of a price cap on Russian oil and an EU-wide ban on seaborne imports of Russian oil, writes Reuters.

A barrel of European reference crude Brent goes for USD 83.06 against USD 85.96 Monday afternoon. Meanwhile, US counterpart West Texas Intermediate trades at USD 77.28 per barrel against USD 80.10 Monday afternoon.

Group of Seven nations, the EU and Australia have all imposed a price cap on Russian oil in an effort to weaken Russia’s economy and choke a main source of financing for the war in Ukraine.

The warring nation reports that it only intends to sell oil at market prices, even if that means cutting production, and expectations of a drop in supply send prices up.

Elsewhere in the commodities market, a troy ounce of gold costs USD 1,770.79 Tuesday morning against USD 1,788.79 Monday afternoon.

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