Russia's Political Turmoil and Mutiny Threaten Global Oil and Gas Prices

Crude oil prices experienced a slight increase after Russia's private army, Wagner Group, aborted its march towards Moscow, potentially averting an attempted coup on Russian leader Vladimir Putin. The future of oil prices will depend on how the weekend's turmoil unfolds, with market concerns focused on the impact on Russian oil production and exports. Some analysts believe the situation could be bearish for oil markets, as Putin may try to export as much oil as possible to raise funds. Crude oil prices have already declined significantly since their peak in 2021, and experts predict further downward pressure due to factors such as central banks tightening monetary policy and China's lackluster recovery from COVID-19 lockdowns.