2023-06-27 04:25:37
Oil prices rose, on Tuesday, for the second session in a row, as fears of political instability in Russia and the possibility of supply disruptions outweighed concerns regarding global demand.
Brent crude futures rose six cents to $74.24 a barrel, while US West Texas Intermediate crude futures rose 10 cents to $69.47 a barrel.
On Monday, Brent rose 0.5% and West Texas Intermediate rose 0.3%.
On Saturday, Russia avoided a clash between the army and the private military group Wagner, as the group’s heavily armed fighters withdrew from the southern city of Rostov under an agreement that halted their rapid advance towards the capital.
The challenge has raised doubts regarding Russian President Vladimir Putin’s control of power and some concerns regarding possible disruptions to Russian oil supplies.
Supply has already fallen on investors’ minds due to a pledge by Saudi Arabia – the world’s largest crude oil exporter – to cut production by 1 million barrels starting in July.
Russia is a prominent oil producer and leads, alongside Saudi Arabia, the “OPEC Plus” coalition, which includes the countries of the Organization of the Petroleum Exporting Countries (OPEC) and other countries as well.
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