{"id":27658,"date":"2023-06-26T12:32:29","date_gmt":"2023-06-26T16:32:29","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/crude-oil-largely-flat-russian-situation-in-focus\/"},"modified":"2023-06-26T12:32:30","modified_gmt":"2023-06-26T16:32:30","slug":"crude-oil-largely-flat-russian-situation-in-focus","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27658","title":{"rendered":"Crude oil largely flat; Russian situation in focus"},"content":{"rendered":"
\n

Investing.com — Oil prices stabilized Monday following the aborted revolt by Russian mercenaries over the weekend, although gains have dissipated along with concerns of a substantial threat to oil supply from one of the world’s largest producers.<\/p>\n

By 08:55 ET (12:55 GMT), futures traded 0.3% lower at $68.98 a barrel, while the contract traded flat at $74.02 a barrel. Both benchmarks gained as much as 1.3% in early Asian trade.<\/p>\n

Russian risk premium rising<\/strong><\/h2>\n

The weekend\u2019s mutiny in Russia by the Wagner Group of mercenaries has fizzled out, with a quick truce mediated by Belarusian President Alexander Lukashenko calming the situation.<\/p>\n

However, there remains a great deal of confusion over what happens next in one of the world\u2019s major oil producers.<\/p>\n

\u201cWhile the immediate supply risks have disappeared, the market will likely have to start pricing in a larger risk premium for oil given the growing instability in Russia,\u201d said analysts at ING, in a note. \u201cHow much of a risk premium will really depend on how the aftermath of the failed insurrection is dealt with.\u201d<\/p>\n

OPEC predicts favorable future<\/strong><\/h2>\n

Helping the tone were comments from Haitham al-Ghais, the Secretary General of the Organisation of the Petroleum Exporting Countries, at a conference in Kuala Lumpur earlier Monday.<\/p>\n

\u201cOil is irreplaceable for the foreseeable future,\u201d he said. \u201cWe see global oil demand rising to 110 million barrels a day by 2045,\u201d pushing the world\u2019s energy demand up by 23%.<\/p>\n

Additionally, market fundamentals remain “sound” for the second half, said Saudi Aramco <\/span><\/span> (TADAWUL:) CEO Amin Nasser at an industry gathering on Monday, as demand from emerging markets led by China and India will offset recession risk in developed markets.<\/p>\n

Recovery from last week\u2019s losses<\/strong><\/h2>\n

Still, further gains are likely to be hard-won after both benchmarks fell between 3% and 4% last week on worries that further interest rate hikes by the U.S. , as well as other major central banks, could hit economic activity, and thus oil demand, at a time when China’s economic recovery has also disappointed investors.<\/p>\n

There is important data due this week in Europe, as well as the in the U.S., and this could determine sentiment as traders fret about more monetary tightening.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Oil prices stabilized Monday following the aborted revolt by Russian mercenaries over the weekend, although gains have dissipated along with concerns of a substantial threat to oil supply from one of the world’s largest producers. By 08:55 ET (12:55 GMT), futures traded 0.3% lower at $68.98 a barrel, while the contract traded flat […]<\/p>\n","protected":false},"author":1,"featured_media":27659,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-27658","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCrude oil largely flat; Russian situation in focus | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil prices stabilized Monday following the aborted revolt by Russian mercenaries over the weekend, although gains have dissipated along\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=27658\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil largely flat; 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