Oil prices remained below the $74 mark on international markets on Monday as concerns about the economy outweighed geopolitical supply risks due to the rebellion of a group of mercenaries against the Russian government.
On the London market, the price of a barrel was almost unchanged after noon compared to last week’s closing trade, amounting to $73.82. There were no significant changes on the American market either, where a barrel traded at $69.02.
Markets closely monitored the outcome of the Wagner mercenary group’s rebellion against the government in Moscow, which erupted on Friday evening and subsided in less than 24 hours. The Wagner group withdrew from the occupied headquarters of the Russian army in Rostov-on-Don, in southern Russia, and halted their march on Moscow in exchange for amnesty, which alleviated fears of disruptions in the supply of Russian barrels.
According to analysts at the American investment bank Goldman Sachs, markets could factor in moderately higher chances of instability in Russia and potential supply disruptions, but the impact on prices could be limited as supply and demand in the physical market remain unchanged.
