Brent crude was up about 0.6% Monday morning to more than $86 a barrel.
On Friday, the G7 countries had agreed to cap the price of Russian oil at $60 a barrel to increase pressure on Russia over its incursion into Ukraine.
Meanwhile, the Opec+ group of oil producers said over the weekend it would stick to its policy of cutting production.
Opec+ is a group of 23 oil-exporting countries, including Russia, that meets regularly to decide how much crude oil to sell on the world market.
"This decision by Opec+ to maintain the quota is in itself a kind of implicit support for the oil market," Kang Wu of S&P Global Commodity Insights told the BBC.
Analysts said oil prices have also been supported by the easing of covid restrictions in some Chinese cities, which could lead to an increase in oil demand.
More cities in China, including Urumqi in the northwest, have announced they will ease restrictions following mass protests against the country's zero covid policy.
Price cap
In a joint statement, the G7 and Australia said last week that the $60 cap on Russian oil would take effect on Monday or "very soon thereafter."
They said the measure was intended to "prevent Russia from profiting from its war of aggression against Ukraine."
The price cap means that only Russian oil bought for less than $60 a barrel can be shipped by G7 and EU tankers, insurance companies and credit institutions.
This could make it more difficult for Moscow to sell its oil at a higher price, as many major shipping and insurance companies are based within the G7.
Russia has stated that it will not accept the price cap and has threatened to halt its oil exports to countries that adopt these measures.
Jorge Leon, senior vice president of Norwegian energy consultancy Rystad Energy, told the BBC's Today programme that oil prices could rise as a result.
"Russia has made it very clear that it will not sell crude to anyone who signs the price cap," he said.
"There will probably be disruptions in the coming months, so oil prices are likely to rise again in the coming weeks
The G7 is an organisation of the world's seven largest so-called "advanced" economies that dominate global trade and the international financial system. They are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
Supply fears
Oil and gas prices have skyrocketed on fears that Russia's incursion into Ukraine could affect supplies.
Russia is the world's second-largest crude oil producer after Saudi Arabia and supplies about one-third of Europe's needs.
U.S. Treasury Secretary Janet Yellen said the price cap would further constrain Russian President Vladimir Putin's finances and "limit the revenue he can use to fund his brutal invasion" without disrupting global supplies.
However, Ukrainian President Volodymyr Zelensky called the cap "a weak position" that was not "serious" enough to harm the Russian economy.
An EU-wide ban on imports of Russian crude by sea will also take effect Monday.
Although Russia will certainly feel the measures, the blow will be partially softened by selling its oil to other markets such as India and China, which are currently the largest single buyers of Russian crude.
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