Investing.com - Oil prices experienced a modest increase for the second day in a row on Tuesday, as concerns over political unrest in Russia and potential supply interruptions outweighed apprehension about worldwide demand.
Brent crude futures added 0.5% $74.7 per barrel, while U.S. West Texas Intermediate (WTI) futures rose by 0.5% to hit $69.7 a barrel.
Tensions were high this weekend when Moscow narrowly avoided conflict with the Russian mercenary group Wagner after they withdrew from the southern city of Rostov under an agreement that stopped their rapid advance toward the capital. This situation has led to questions regarding President Vladimir Putin's hold on power and sparked worry about possible interference with Russian oil supplies.
Investors have already been monitoring reduced supply due to Saudi Arabia's commitment to decrease output starting in July. Last week, oil prices dropped approximately 3.6% amid concerns that additional interest rate hikes by the U.S. Federal Reserve could negatively impact oil demand during a time when China's economic recovery has not met investor expectations.