Oil prices inched higher on concerned about Russian political instability
The weekend mutiny, according to industry experts, threatens the political stability in Russia and could disrupt supply from the world’s third-largest oil-producing country.
International benchmarks for crude oil went up marginally at the start of the week, 26 June 2023, as worries over demand were balanced by the heightened supply concerns following the political turmoil in Russia.
The weekend mutiny, according to industry experts, threatens the political stability in Russia and could disrupt supply from the world’s third-largest oil-producing country. Coupled with Saudi Arabia’s pledge to reduce output voluntarily in July, the global oil market might tighten sharply.
Brent crude climbed up 33 cents or 0.5% to settle at $74.18/barrel.
US West Texas Intermediate rose 21 cents or 0.3% now at $69.37/barrel.