“The events in Russia lead the market to consider how much Russian oil production and exports could have been affected if Wagner took more territory or if Russia fell into a civil war,” Andy Lipow of Lipow Oil Associates told Yahoo Finance.
On Monday WTI was trading around $70/barrel while Brent hovered above $74/barrel.
"Crude oil - commodities are in a bear market,” Mike McGlone, Bloomberg Intelligence senior macro analyst, told Yahoo Finance Live on Monday.McGlone believes oil is far from bottoming, given that the Federal Reserve “I see crude oil heading towards $50, maybe even $40. Natural gas has already done that. It went from $10 to $2," he added., resulting in tighter credit conditions and raising concerns of a recession. China’s recovery from strict COVID lockdowns last year has also been lackluster, hurting demand.Fighters of Wagner private mercenary group pull out of the headquarters of the Southern Military District to return to base, in the city of Rostov-on-Don, Russia, June 24, 2023.
Prices have fallen despite Saudi Arabia announcing it would unilaterally cut production by 1 million per day. This follows
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