Oil climbs on concerns Russia political issues may impact supply

Oil prices increased in early Asian trading on concerns over political instability and its impact on oil supply from Russia, one of the world’s largest producers. President Vladimir Putin’s hold on power has been questioned following a clash between Moscow and Russian mercenary group Wagner over the weekend. Analysts raised concerns that Putin could declare martial law which could potentially lead to disruptions in oil supplies and exports. However, spot fundamentals have not changed, indicating a limited impact on oil prices. The surge in oil prices comes after both Brent and WTG fell around 3.6% last week.