Oil rises for second straight day

27/06/2023 Argaam

Oil prices rose for the second straight day on Tuesday, June 27, amid political uncertainty in Russia, which raised concerns about crude supplies.

 

This was despite a clash between Moscow and Russian mercenary group Wagner was averted on Saturday after the heavily armed mercenaries withdrew from the southern Russian city of Rostov under a deal that halted their rapid advance on the capital.

 

Brent crude for August delivery rose 0.54%, or $0.40, to $74.85 a barrel, at 8:02 am Makkah time.

 

Meanwhile, WTI contracts for August inched higher 0.62%, or $0.43, to $69.80 a barrel.

 

Oil prices head for interim losses in Q2 2023 amid signs of economic recovery slowdown in China and monetary tightening by the Fed.

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