At 10.50 am, the Intercontinental Exchange’s November Brent contract was trading at $89.90 per barrel, up 0.84 per cent from the previous close. West Texas Intermediate (WTI) for October traded on the NYMEX up 0.65 per cent to $84.08 per barrel.

Analysts claimed that prices increased as a result of Russia’s threat to stop oil and gas supplies to Europe if a price cap is imposed on energy exports from the nation. But the gains were restrained by demand worries and fresh lockdowns in China, one of the biggest petroleum importers in the world.

Investors will also be watching the meeting of the EU energy ministers in Brussels to talk about the ongoing energy issue. Josef Sikela, the Czech industry minister, requested the gathering of the European Energy Council in late August when natural gas prices on the continental market kept rising due to the Russo-Ukrainian war.