oil futures edged higher on friday with us prices holding above 80 a barrel as investors awaited a pair of events a sunday meeting of the organization of the petroleum exporting countries and its allies and the monday kickoff of european union ban on russian seaborne crude imports oil is on track for a weekly gain buoyed in part by signs china is beginning to ease strict covid curbs meanwhile opec meets sunday many analysts look for the group to hold production steady amid uncertainty over how a eu ban on vesselborne russian crude that begins monday will affect the market in view of the many uncertainties on the market however it is unlikely to implement any further measures this sunday after all the eus oil embargo on seaborne crude oil from russia will come into force on monday said barbara lambrecht commodity analyst at commerzbank in a note oil prices have seen volatile trading in the run up to the meeting with us prices spending much of the week rebounding from a brief drop on monday to the lowest intraday level of the year its too soon for opec to implement another production cut as the current cut is still getting understood especially in light of the latest china covid policy pivot stephen innes manager partner with spi asset management told marketwatch its also unclear what effect a separate price cap on russian oil will have european union officials have proposed a cap of 60 a barrel see eu edges closer to imposing 60abarrel cap on russian oil prices i dont think the russian cap will have teeth as there are too many back channels and shadow fleets to compensate said innes but it will be perceived initially as bullish when market actualized focus will immediately turn to russian exports data for proof