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Oil ends lower, shaking off Russia mutiny

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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