Oil firm, stocks wobbly after short-lived Russian mutiny

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SINGAPORE : Oil was slightly higher on Monday as an abortive weekend mutiny by Russian mercenaries raised questions about crude supply, while stocks lacked direction as investors waited for more clarity around the situation.Brent crude futures were last up 0.4 per cent at $74.14 having earlier drifted as

SINGAPORE : Oil was slightly higher on Monday as an abortive weekend mutiny by Russian mercenaries raised questions about crude supply, while stocks lacked direction as investors waited for more clarity around the situation.

The private Wagner army then withdrew after striking a deal guaranteeing their safety and the exile of their leader, Yevgeny Prigozhin, to Belarus. The consequences for the Ukraine war were not clear, though the challenge to Russian President Vladimir Putin's authority was the starkest in decades of his leadership.

U.S. Secretary of State Antony Blinken said the turmoil in Russia could take months to play out, while Italy's foreign minister said it had shattered the"myth" of Russian unity.Elsewhere markets were already on edge about a darkening growth outlook, as China's post-pandemic recovery stalls and global interest rates remain high, and traders were reluctant to take any new positions on the basis of Russian events.

"People may think that ultimately Putin's grip on power is weakened here. Maybe the Ukrainians may be emboldened to be upping their counteroffensives," he said, but without obvious progress traders in Asia would be focused on China.

 

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