Oil is rising as concerns about supply overshadowed concerns about supply

Oil prices rose on Tuesday for the second consecutive session, as worries about political instability in Russia and possible supply disruptions outweighed concerns about global demand.

Brent crude futures rose six cents to $74.24 a barrel, while US West Texas Intermediate crude futures rose ten cents to $69.47 a barrel.

On Monday, Brent rose 0.5% and West Texas Intermediate rose 0.3%.

On Saturday, a clash was averted between Moscow and the Russian private military group, Wagner, as the group’s heavily armed fighters withdrew from the southern Russian city of Rostov under an agreement that halted their rapid advance towards the capital.

The challenge has raised doubts about President Vladimir Putin’s grip on power and some concerns about possible disruptions to Russian oil supplies.

Lower supply is already in the minds of investors due to Saudi Arabia’s pledge to cut production from July.