Oil prices went up on Tuesday after a G 7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea.
By 0108 GMT, the price of crude had risen 66 cents to $83.34 a barrel. West Texas Intermediate crude WTI went up 70 cents to $77.63 a barrel.
The Fed's aggressive policy tightening path could lead to futures falling by more than 3% in the previous session, as U.S. service sector data raised concerns that the Federal Reserve could continue its aggressive policy tightening path.
The Group of Seven price cap comes as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production.
The price cap, enforced by the G 7 nations, the European Union and Australia, comes on top of the EU's embargo on Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain.
The Organization of the Petroleum Exporting Countries and allies, including Russia, agreed on Sunday to stick to their October plan to reduce output by 2 million barrels per day bpd beginning in November.
The Group of Seven G 7 countries and Australia agreed last week on a $60 a barrel price cap on Russian oil.
More cities in China have loosened COVID curbs over the weekend, prompting optimism for increased demand in the world's top oil importer.
Business and manufacturing activities in China, the world's second-largest economy, have been hit this year by strict measures to curb the spread of the coronaviruses.