Global oil rises to $86.50 a barrel amid Gaza ceasefire demand

Moscow has ordered companies to reduce oil output in the second quarter to meet a production target of nine million barrels a day by the end of June

Global crude oil prices increased as orders from the Russian government to curb oil output, and attacks on energy infrastructure in both Russia and Ukraine offset the United Nation's demand for a ceasefire in Gaza.

Brent crude climbed by over $1 to almost $86.50 a barrel, also helped by expectations interest rates in major economies will come down by the summer.