Oil markets shrug off Russian political turmoil

Oil prices firmed slightly on Monday, with political instability from an aborted revolt by Russian mercenaries over the weekend viewed by the market as not posing an immediate threat to oil supply from one of the world’s largest producers.

Brent crude futures were up 38 cents, or 0.5%, at $74.23 a barrel by 1040 GMT. U.S. West Texas Intermediate crude (WTI) was up 28 cents, or 0.4%, at $69.44. Both benchmarks gained as much as 1.3% in early Asian trade.

A clash between Moscow and Russian mercenary group Wagner was averted on Saturday after the heavily armed mercenaries withdrew from the southern Russian city of Rostov under a deal that halted their rapid advance on the capital.

However, the challenge has raised questions about President Vladimir Putin’s grip on power and some concern about possible disruption of Russian oil supply.



Add your comment

Your email address will not be published.