Oil prices rise as Opec prepares to set new output targets

Thursday's meeting of oil-producing nations will be first since EU imposed sanctions on Russian crude

Oil prices have risen before Thursday's meeting of the Opec cartel of oil-producing nations, as ministers prepare to set output targets for July in their first gathering since the EU imposed sanctions on Russian crude.

Opec is under pressure from some members to exclude Russia, the world's third largest oil producer, from future quotas, in a move that could pave the way for Saudi Arabia and the United Arab Emirates to pump more oil.