Oil prices rose today after Saudi Arabia said OPEC+ was sticking with output cuts as planned. Prices pared gains later in the session as Bloomberg reported the EU watered down sanctions for a price cap on Russian oil. They are also delaying its full implementation and softening key shipping provisions. “The price cap is turning out to be an enabling device for Western countries to keep Russian crude on the market,” said John Kilduff, partner at Again Capital LLC in New York. “The big crux of this market has been whether or not we will lose meaningful amounts of crude and refined products from Russia and that still has not happened.” WTI traded up $0.91 or 1.1% to close at $80.95. Brent traded up $0.91 or 1% to close at $88.36.