{"id":28137,"date":"2023-06-27T10:20:42","date_gmt":"2023-06-27T14:20:42","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-prices-settle-higher-after-russias-short-lived-wagner-mutiny-2\/"},"modified":"2023-06-27T10:20:43","modified_gmt":"2023-06-27T14:20:43","slug":"oil-prices-settle-higher-after-russias-short-lived-wagner-mutiny-2","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28137","title":{"rendered":"Oil prices settle higher after Russia\u2019s short-lived Wagner mutiny"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002211193\" role=\"document\">\n<p>Oil futures settled higher on Monday, with prices finding modest support from a short-lived mutiny by Russia\u2019s Wagner Group that raised questions about President Vladimir Putin\u2019s grasp on power and the production outlook for one of the world\u2019s key oil producers.  <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for August delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-1.08%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-1.08%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"negative\">-1.08%<\/bg-quote><br \/>\n       rose 21 cents, or 0.3%, to settle at $69.37 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      August Brent crude<br \/>\n        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"negative\">-1.00%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, rose 33 cents, or nearly 0.5%, to $74.18 a barrel on ICE Futures Europe. September Brent<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.94%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"negative\">-0.94%<\/bg-quote><span>,<\/span><br \/>\n       the most actively traded contract, gained 34 cents, or 0.5%, to $74.35 a barrel.<\/p>\n<\/li>\n<li>\n      Back on Nymex, July gasoline<br \/>\n        RBN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376520\/delayed\" class=\"positive\">+0.47%<\/bg-quote><br \/>\n       added 0.8% at 2.54 a gallon, while July heating oil<br \/>\n        HON23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376439\/delayed\" class=\"positive\">+0.42%<\/bg-quote><br \/>\n       climbed 1.3% to $2.44 a gallon.<\/p>\n<\/li>\n<li>\n      July natural gas<br \/>\n        NGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210191117\/delayed\" class=\"negative\">-1.07%<\/bg-quote><br \/>\n       climbed 2.3% to $2.79 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The mutiny, led by Wagner Group chief Yevgeny Prigozhin late Friday, saw the mercenary paramilitary force take over Russia\u2019s southern military headquarters in Rostov-on-Don with little resistance, before marching largely unchallenged toward Moscow. Putin, without mentioning him by name, accused Prigozhin of treason.<\/p>\n<div class=\"paywall\">\n<p>The fear was that some kind of \u201cbrewing civil war might damage Russia\u2019s ability to export oil,\u201d Stewart Glickman, energy equity analyst at CFRA Research, told MarketWatch. That could happen with damage to pipelines or ports where oil is offloaded onto ships, he said. <\/p>\n<p><strong>Read:<\/strong> Russia\u2019s Putin survives short-lived Wagner Group mutiny. Here\u2019s what the means for oil.<\/p>\n<p>The mercenary group\u2019s advance, however, halted a little more than 120 miles from the capital on Saturday before Prigozhin abruptly stood down in a deal that would see him sent to Belarus and charges against him of leading an armed rebellion dropped.<\/p>\n<p>\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 Warren Patterson and Ewa Manthey, commodity strategists at ING, said in a Monday note. \u201cHow much of a risk premium will really depend on how the aftermath of the failed insurrection is dealt with.\u201d<\/p>\n<p><strong>Read:<\/strong> What\u2019s next for markets after aborted Wagner mutiny leaves Russia\u2019s Putin weakened<\/p>\n<p>Glickman points out that despite threats to cut oil production, Russia has actually done the opposite to \u201csome degree, pumping out more oil so that higher volumes can partially offset the loss of revenue from price caps\u201d set by the European Union. <\/p>\n<p>Saudi Arabia has \u201cshown a willingness in the past to flood the market with oil when it felt that its market share was being eaten away by others,\u201d he said. \u201cIf Russia continues to try and expand production in order to combat price caps, it is not impossible to imagine Saudi Aramco resorting to this same tactic once again, even briefly, in order to get better compliance from Russia.\u201d<\/p>\n<p>Taking a look at the bigger picture for oil, meanwhile, the demand side \u2014 particularly China\u2019s soft economy appears to be having more of an impact on the larger price trend for oil, said Colin Cieszynski, chief market strategist at SIA Wealth Management. Given that, China manufacturing and non-manufacturing PMI data due later this week may be the \u201cnext event of note,\u201d he said.  <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-edge-higher-after-russias-short-lived-wagner-mutiny-e14002e2?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures settled higher on Monday, with prices finding modest support from a short-lived mutiny by Russia\u2019s Wagner Group that raised questions about President Vladimir Putin\u2019s grasp on power and the production outlook for one of the world\u2019s key oil producers. Price action West Texas Intermediate crude for August delivery CL00, -1.08% CL.1, -1.08% CLQ23, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-28137","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices settle higher after Russia\u2019s short-lived Wagner mutiny | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures settled higher on Monday, with prices finding modest support from a short-lived mutiny by Russia\u2019s Wagner Group that raised questions about\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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