Oil prices climb after Russian crude sanctions kick in - Reuters.com

dollar and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and prospects of a demand boost in China.

Brent crude futures fell 90 cents, or $1.09%, to $81.78 a barrel by 1055 GMT.

West Texas Intermediate crude (WTI) fell 79 cents, or $1.03%, to $76.14.

The market was weighing the production impact of a price cap of $60/bbl on Russian crude imposed by the Group of Seven (G7), the European Union and Australia, contributing to market volatility.

The price cap comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain.

The threat of losing insurance will limit Russia's access to the tanker market and could reduce crude exports by 500,000 bpd from February levels, said analysts from Rystad Energy in a note.