Oil prices have remained steady in choppy trading, despite concerns around global demand growth and political instability in Russia, which could potentially disrupt global supply. Brent crude futures remained unchanged at $73.88 a barrel, while US West Texas Intermediate (WTI) futures dropped slightly to $69.08 a barrel. Over the weekend, a clash between Moscow and Russian mercenary group Wagner was avoided, which has raised questions around President Vladimir Putin’s grip on power and potential disruptions to Russian oil supply. However, industry experts suggest that the market is primarily focused on economics rather than geopolitics, and investors are keeping a close eye on Saudi Arabia’s additional production cuts for July and the looming Independence Day weekend’s demand impact. Last week, both Brent and WTI fell by approximately 3.6% due to concerns around further US Federal Reserve interest rate hikes and China’s economic recovery. The US energy companies’ report also showed an early indicator of future US supply, with the number of oil and natural gas rigs used falling for the eighth week in a row, which could compound supply shortages in the coming months.
Oil Prices Steady in the Wake of Political Turmoil in Russia
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