On June 26, according to media reports, the extraordinary events in Russia this weekend have caused dramatic headlines. The impact may be far from over, but the immediate impact on the global crude oil market may be limited.
Much uncertainty remains about how damaged Putin has been after the worst challenge to his 24 years in power.
It is relatively certain that Russia’s crude oil industry is not directly threatened, and there is no reason to believe that oil shipments from the world’s second-largest oil exporter are in any danger.
The relief was reflected in early Asian trade on Monday in the global benchmark Brent crude futures, which rose as much as 1.3 percent to $74.80 a barrel from their June 23 close.
By Sydney morning, prices had retreated to $74.55 a barrel, up just 70 cents from the previous session’s close.
