Lower oil prices, ignoring the political turmoil in Russia

Oil prices fell on Monday after Russia’s private military group Wagner revolted at the weekend, although political instability did not appear to pose an immediate threat to oil supplies from one of the world’s top producers.

And by 0900 GMT, Brent crude futures fell eight cents, or 0.1 percent, to $ 73.77 a barrel. West Texas Intermediate crude futures fell 17 cents, or 0.3 percent, to $68.99 a barrel.

Russia avoided a clash between the leadership in Moscow and Wagner’s boss, Yevgeny Prigozhin, on Saturday after the heavily armed group withdrew from the southern city of Rostov under a deal that halted its rapid advance towards the capital.

But the crisis has raised questions about Russian President Vladimir Putin’s grip on power and concerns about potential disruption to Russian oil supplies.

Brent crude and West Texas Intermediate crude fell by about 3.6 percent last week on fears that the Federal Reserve will raise interest rates again, which could undermine demand for oil at a time when the Chinese economic recovery disappointed investors.