Brent rose 8 cents, or 0.09%, to $93.25 a barrel, WTI was at $87.35 a barrel, up 4 cents, or 0.05%.

Benchmark futures rose as much as 6.9%, a day after closing 4.2% higher. Authorities are designing measures designed to rein in an unprecedented energy crisis that has fueled inflation, hurt industry and left nations on the brink of a recession.

So far, in 2022, spot electricity prices are five to ten times higher than in previous years. On August 22, the daily spot market price for Germany exceeded 600 EUR/MWh, 15 times the average of the 2010s.

Brent rose $1.24, or 1.4%, to $90.39 a barrel, WTI climbed $1.05, or 1.3%, to $84.59.

Germany doesn’t support a price cap on Russia gas because some countries are still dependent on those supplies, Economy Minister Robert Habeck told reporters in Brussels.

The Brent crude oil spot price averages $98 per barrel (b) in the fourth quarter of 2022 (4Q22) and $97/b in 2023.

Brent was down $2.33, or 2.4%, to $93.41, WTI trading to $87.02, up 15 cents from Friday's close.

Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of October 2022 as per the attached table, noting that the upward adjustment of 0.1 mb/d to the production level was only intended for the month of September 2022.

Still, gas and electricity prices pared some of their large gains from earlier in the day as traders weighed the intervention plans.

Newcastle futures for October jumped 5% to $463.75 a ton Monday, according to ICE Futures Europe, to the highest price in data stretching back to January 2016. Europe’s benchmark coal price is also trading at a record.