2023-06-26 14:54:07
Oil prices rose slightly on Monday, as markets considered that the turmoil caused by a short-lived rebellion from the Russian private military group Wagner at the weekend did not pose an immediate threat to oil supplies from one of the largest producing countries in the world.
Russia avoided a clash between the leadership in Moscow and Wagner’s boss, Yevgeny Prigozhin, on Saturday after the heavily armed group withdrew from the southern city of Rostov under a deal that halted its rapid advance towards the capital.
But the crisis has raised questions about the extent of Russian President Vladimir Putin’s grip on power and concerns about possible disruptions to Russian oil supplies.
“There is little geopolitical influence on the markets right now. What dominates the market is economic factors, not geopolitics,” Daniel Yergin, vice president of Standard & Poor’s Global, said on the sidelines of an industry forum on Monday.
price movements
By 1446 GMT, Brent crude futures rose 17 cents, to $73.96 a barrel. West Texas Intermediate crude futures settled unchanged at $69.16 a barrel. The two benchmarks rose as much as 1.3 percent in early Asian trade.
Brent crude and West Texas Intermediate crude fell by about 3.6 percent last week due to fears that the Federal Reserve (the US central bank) will raise interest rates again, which could undermine demand for oil at a time when the Chinese economic recovery disappointed investors.
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