Oil prices edged higher for a second consecutive session on Tuesday, as worries about political instability in Russia and potential supply disruptions counter-balanced concerns about global demand.
Brent crude futures rose 6 cents to $74.24 a barrel, while U.S. West Texas Intermediate (WTI) futures gained 10 cents to $69.47 a barrel. On Monday, Brent had climbed 0.5% and the WTI 0.3%. A clash between Moscow and Russian mercenary group Wagner was averted on Saturday after the heavily armed mercenaries withdrew from the southern Russian city of Rostov under a deal that halted their rapid advance on the capital.
Oil fell around 3.6% last week on worries that further interest rate hikes by the U.S. Federal Reserve could sap oil demand at a time when China’s economic recovery has disappointed investors.