Oil prices rose nearly 1% in choppy trading on Monday, as investors balanced concerns about global demand growth against upcoming supply disruptions that could get exacerbated by political instability in Russia.
Brent crude futures were up 54 cents, or 0.7%, at $74.39 a barrel at 1633 GMT, while US West Texas Intermediate (WTI) futures rose 48 cents, or 0.7%, to $69.64 a barrel.
A clash between Moscow and Russian mercenary group Wagner has raised questions about President Vladimir Putin’s grip on power and some concern about possible disruption of Russian oil supply.
Price Futures Group analyst Phil Flynn warned that Russian political instability could worsen supply shortages in the months ahead due to Saudi Arabia’s pledge to cut output from July, a risk of lower US production and an imminent end to US strategic reserve releases.
Published in The Express Tribune, June 27th, 2023.
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