Oil futures edged higher early Monday, as traders largely took in stride a short-lived mutiny by Russia's Wagner Group that raised questions about President...
Oil futures edged higher early Monday, as traders largely took in stride a short-lived mutiny by Russia’s Wagner Group that raised questions about President Vladimir Putin’s grasp on power.
Price actionMarket drivers The mutiny, led by Wagner Group chief Yevgeny Prigozhin late Friday, saw the mercenary paramilitary force take over Russia’s southern military headquarters in Rostov-on-Don amid little resistance before marching largely unchallenged toward Moscow. Putin, without mentioning him by name, accused...
Price action Market drivers The mutiny, led by Wagner Group chief Yevgeny Prigozhin late Friday, saw the mercenary paramilitary force take over Russia’s southern military headquarters in Rostov-on-Don amid little resistance before marching largely unchallenged toward Moscow. Putin, without mentioning him by name, accused Prigozhin of treason.
The advance 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. “While 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,” Warren Patterson and Ewa Manthey, commodity strategists at ING, said in a Monday note. “How much of a risk premium will really depend on how the aftermath of the failed insurrection is dealt with.”
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