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Crude oil futures end higher on possible supply disruptions owing to political instability in Russia

27 Jun 2023 Evaluate

Crude oil futures ended higher on Monday on possible supply disruptions due to political instability in Russia. After an aborted mutiny by Wagner mercenary forces led by Yevgeny Prigozhin, the geopolitical risk and internal instability in Russia has increased. Further, oil prices also rose as a report from OPEC said global oil demand will rise to 110 million barrels per day in about 20 years, pushing the world's energy demand up by 23%.

Benchmark crude oil futures for August delivery rose $0.21 or about 0.3 percent to settle at $69.37 a barrel on the New York Mercantile Exchange. Brent crude for August delivery gained $0.33 or 0.44 percent to settle at $74.18 a barrel on London's Intercontinental Exchange.