Oil futures ended lower on Tuesday after delivering only a modest rise the previous session following a chaotic weekend in Russia that saw the mercenary Wagner Group stage a short-term rebellion that raised questions about Vladimir Putin’s grip on power.
Price action
-
West Texas Intermediate crude for August delivery
CL00,
+2.25% CL.1,
+2.25% CLQ23,
+2.25%
fell $1.67, or 2.4%, to finish at $67.70 a barrel on the New York Mercantile Exchange. -
August Brent crude
BRNQ23,
-0.46% ,
the global benchmark, declined $1.92, or 2.6%, to settle at $72.26 a barrel on ICE Futures Europe. September Brent
BRN00,
-0.46% BRNU23,
-0.46% ,
the most actively traded contract, dropped $1.84, or 2.5%, to $72.51 a barrel. -
Back on Nymex, July gasoline
RBN23,
+2.89%
fell 0.8% to close at $2.517 a gallon, while July heating oil
HON23,
declined 1.6% to $2.399 a gallon. -
July natural gas
NGN23,
-5.54%
fell 1% to $2.763 per million British thermal units.
Market drivers
Crude saw only a modest lift Monday, with traders playing down the threat to oil supply after a weekend rebellion in Russia that saw Wagner Group forces advance within around 120 miles of Moscow before abruptly standing down.
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