Oil futures slumped 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,
-2.06% CL.1,
-2.06% CLQ23,
-2.06%
fell $1.01, or 1.5%, to $68.36 a barrel on the New York Mercantile Exchange. -
August Brent crude
BRNQ23,
-1.94% ,
the global benchmark, declined $1.10, or 1.5%, to $73.08 a barrel on ICE Futures Europe. September Brent
BRN00,
-1.83% BRNU23,
-1.83% ,
the most actively traded contract, was down 93 cents, or 1.3%, at $73.42 a barrel. -
Back on Nymex, July gasoline
RBN23,
-1.08%
fell 0.8% to $2.436 a gallon, while July heating oil
HON23,
+0.12%
rose 0.5% to $2.452 a gallon. -
July natural gas
NGN23,
-1.47%
fell 0.9% to $2.765 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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