Oil fluctuated as investors weighed the potential for more unrest in Russia after the dramatic but short-lived rebellion in the major OPEC+ producer over the weekend.
West Texas Intermediate traded near $69 a barrel and Brent was steady after both benchmarks pared earlier gains of more than 1%. An eerie calm fell on Moscow after the end of the uprising led by Yevgeny Prigozhin, head of the Wagner mercenary group, while financial markets were relatively calm.
“Crude has so far exhibited the typical default reaction to unrest or uncertainty in a major producing country,” said Vandana Hari, the Singapore-based founder of Vanda Insights. “There should be no impact on Russia’s oil and gas supply.”
Read the full story on Bloomberg here.